A former financial commentator who appeared on stations such as CNBC and Fox News as well as publications like the Indianapolis Business Journal has been sentenced to 10 years in prison on securities fraud charges.
Forty-year-old Keenan Hauke, who also served as the owner and CEO of Samex Capital, plead guilty to securities fraud charges that had alleged he lied to investors and promised high rates of return from a fund he kept their retirement funds in. Instead, the funds were used as part of a Ponzi scheme in which he used new investments to pay off individuals who closed their accounts, Indianapolis ABC affiliate RTV6 reported.
Furthermore, Hauke used the money to pay for his condominium in the Caribbean and to finance European vacations. In total, he defrauded 67 individuals for more than $7 million between 2004 and 2011.
“We have one victim who is going back to work. One of them is 75-years-old and has lost their life savings. Assistant U.S. Attorney Steve DeBrota said of the victims that Hauke defrauded. What we did today was hold Mr. Hauke accountable for that, and he deserves it.”
In addition to his jail time, Hauke is also subject to a $250,000 fine and must pay restitutions to those he took advantage of.
If you or a loved one has invested money in a company that is being dishonest and taking advantage of you, there may be legal options at our disposal. Contact Sokolove Law today to learn more about pursuing a securities fraud lawsuit.