Warren County Investment Professional Admits Fraudulent Scheme
Elliot Kravitz, a financial planner in Warren County, pleaded guilty of perpetrating a multi-million dollar investment scheme.
Mason-based Kravitz, admitted in federal court to defrauding nine investors out of more than $2 million.
Investigation by the securities law firm of Chapman & Associates determined that Kravitz was the owner of EMC Financial Services, Inc., which he marketed as an investment, financial planning, and tax preparation business. The Chapman & Associates attorneys also established that Kravitz was a registered representative of LPL Financial Corp., a national securities broker-dealer firm.
"We intend to prosecute claims on behalf of Kravitz' customers, against those who failed in their duties to supervise him and prevent the sales of fraudulent investments to the public," said John Chapman, a securities attorney. "When securities broker-dealer firms authorize a registered representative to sell securities to the investing public on their behalf, they undertake the duty to adequately supervise that representative," said Chapman.
The Chapman & Associates attorneys continue to investigate Kravitz' scheme and are preparing to take action on behalf of victimized investors. Investors who lost money with Kravitz are encouraged to contact John Chapman or Alin Rosca at Chapman & Associates, for a free evaluation of their case, at 216-241-8172 or toll-free at 877-410-8172.