Ameriprise Adviser Who Duped Cancer Patient Gets 5 Years

Law360, New York (June 2, 2017, 7:01 PM EDT) -- An Ohio federal court Friday sentenced a former Ameriprise adviser to five years behind bars over an alleged $1.1 million real estate investment trust scheme in which a dying cancer patient was tricked into staying in the scam instead of liquidating her investment to aid relatives.

Mark F. Speakman had pled guilty in November to three charges for duping seven investors into putting their money in a fraudulent REIT, only to use their funds for personal expenses. In that plea agreement, the former Ameriprise Financial Inc. adviser agreed to pay a combined $1.5 million in restitution.

“[Speakman] used his position as...

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