{"id":6152,"date":"2018-06-28T16:12:24","date_gmt":"2018-06-28T20:12:24","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=6152"},"modified":"2018-06-28T16:12:24","modified_gmt":"2018-06-28T20:12:24","slug":"insurance-agent-james-e-hocker-charged-in-1-27-million-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/insurance-agent-james-e-hocker-charged-in-1-27-million-ponzi-scheme\/","title":{"rendered":"Insurance Agent James E. Hocker Charged In $1.27 Million Ponzi Scheme"},"content":{"rendered":"

On the heels of a Ponzi scheme that cheated investors out of $102 million<\/a>, the SEC has charged a former insurance broker with defrauding inexperienced retail investors. James Hocker, aged 48, of Bellefonte, Pennsylvania has been charged with defrauding 25 investors of $1.27 million for non-existent securities. He operated his own insurance agency out of his home, James E. Hocker & Associates, selling insurance and annuities as an unregistered entity.<\/p>\n

Hocker\u2019s tactic was different\u2014he sold them insurance first to gain their trust, then offered these customers non-existent \u201cinvestment securities.\u201d He was licensed to sell insurance and annuities, but not securities.<\/p>\n

Promising \u201cguaranteed returns\u201d of 10% to 30%, Hocker told these customers that he would invest their money into the S&P 500 and other unspecified investments. However, the monies he collected were deposited in bank accounts he controlled, and investors were not informed that they were his. Hocker used the money to pay bills, tax liens, and spousal support to his ex-wife. He also spent the monies on restaurants and casinos.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

On the heels of a Ponzi scheme that cheated investors out of $102 million, the SEC has charged a former insurance broker with defrauding inexperienced retail investors. James Hocker, aged 48, of Bellefonte, Pennsylvania has been charged with defrauding 25 investors of $1.27 million for non-existent securities. He operated his own insurance agency out of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[582,593,583],"tags":[922,295],"class_list":["post-6152","post","type-post","status-publish","format-standard","hentry","category-elder-fraud","category-ponzi-schemes","category-sec-actions","tag-james-hocker","tag-ponzi-scheme"],"yoast_head":"\nInsurance Agent James E. 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