On Wednesday, May 16, 2018, it was announced that an investment advisor had been sentenced to more than five years in prison for stealing $6.5 million from several clients. The defendant, Henry Meyer, owned HCM Asset Management in Coral Gables, Florida. He misappropriated money from 2009 to 2016. Many of the victims were Meyer’s family members and friends. Some were elderly and had invested their retirement savings.
Meyers used some of the stolen money to pay personal expenses, including car payments, utilities and rent. His credit card statements also show expensive purchases at restaurants. United States District Judge Charles R. Norgle imposed a 69-month sentence and ordered the defendant to pay $6.5 million in restitution to the victims. 47-year-old Meyer had pleaded guilty to one count of mail fraud last year.
Further details have been made available here.