On Friday, it was announced that a Palm Desert, California man had been arrested for being involved in an alleged stock investment scheme. FBI agents arrested 64-year-old Robert Mark Seibert in Bermuda Dunes on Wednesday afternoon. The arrest was announced on Friday by Acting United States Attorney Sandra R. Brown and Danny Kennedy, the FBI’s Acting Assistant Director in Charge of the Los Angeles Field Office.
The defendant is accused of being involved in a stock investment scheme that defrauded more than 90 victims out of more than $1 million. It is alleged that Seibert used the alias “John Grey” when making contact with his victims. A federal grand jury returned a 16-count indictment on August 16. Seibert made his initial appearance on Thursday afternoon. The defendant is being held without bond. He pleaded not guilty and his trial has been scheduled for October 17.
The indictment explains that Seibert operated a scheme utilizing several businesses, including National Discount Marketers, New Global Productions, and Universal Stock Transfer. Seibert is accused of offering to sell the victims stock in several companies, including Intertech Solutions, New Global Energy, SnackHealthy Inc., Radio Shack, Organovo Holdings, and Uranium Energy Group. It is alleged that the defendant often offered prices discounted from the current market prices.
After the investments were made, the indictment claims that Seibert provided the victims with certificates as evidence of stock ownership. Victims were told that they would receive a refund within 30 days, if they did not earn a profit. The indictment claims that Seibert did not hold any stock in the companies he was attempting to sell. In return, it is alleged that the victims’ money was never used to purchase stock and they were never given refunds.
Investigators allege that the defendant defrauded at least 90 victims out of more than $1 million dollars combined. The indictment explains that victims mailed or wired amounts between $2,000 and $21,000 to the companies operated by the defendant. Seibert has been charged with 14 counts of mail fraud and two counts of wire fraud. Each of the 16 counts comes with a maximum statutory penalty of 20 years in prison. At this point in time, the defendant is considered innocent until proven guilty in a court of law.