Indianapolis Investment Company’s Top Brass Charged With Fraud; Authorities Seek Further Victims
Indianapolis — Two persons have been accused after Indiana investigators claim they promised an elderly victim “life-changing” results for security investments they were not qualified to market.
Officials announced Thursday that Indianapolis resident Warner Walls and his business associate Sherry Jordan had been charged with multiple felonies each after allegedly duping a lady into purchasing securities they had no license to offer.
In a release issued Thursday, Secretary of State Diego Morales stated that Walls owned Abundant Holdings, LLC, a Domestic Limited Liability Company based at 1311 West 96th Street in Indianapolis. According to officials, Jordan served as the company’s Chief Financial Officer.
According to Morales, the victim contacted the SEC after claiming she had invested $95,000 in Abundant Holdings, LLC. An inquiry revealed that Walls and Jordan had convinced the woman that the investment was “lucrative” and “life-changing.”
Documents demonstrate that the substantial investment was purportedly in aluminum alloy, coal, and LNG gas. What’s the issue? Walls and Jordan were not registered to sell securities and could not provide any guarantees for the transaction. “Proper registration of investment brokers and securities offerings affords investors necessary information to make informed investment decisions,” Morales said in a statement. “Registration of offers is required to prevent deception, misrepresentation, and other fraud in the sale of securities. “The Securities Division will continue to hold individuals accountable for failing to register and protect Hoosier investors.”
Walls was charged with seven felonies, including two counts of illegally selling securities, one count of an unregistered broker-dealer, one count of unregistered securities agent, and three counts of securities fraud. All accusations are level 5 felonies, except for Securities Fraud, which has been raised to a level 4 felony due to the victim’s age over 60.
Jordan was charged with two counts of unlawful sale of securities, one count of unregistered broker-dealer, and one count of unregistered securities agent. All charges are class 5 felonies.
People who may have previously invested with Walls, Jordan, or Abundant Holdings, LLC are invited to contact the Indiana Securities Division at (317) 262-6681 or www.securities.sos.in.gov.