David Saks: Investment Broker Pleads Guilty to Fraud That Netted More Than $190k

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Investment Broker Pleads Guilty to Fraud That Netted More Than $190k

Investment Broker Pleads Guilty in Wire Fraud

Scheme That Netted More Than $190,000

U.S. Attorney’s Office August 21, 2014
  • Eastern District of Louisiana (504) 680-3000

NEW ORLEANS—U.S. Attorney Kenneth Allen Polite, Jr. announced that

AARON ORTLOFF, age 42, of Kenner, Louisiana,

plead guilty as charged yesterday before U.S. District Judge Stanwood R. Duval, Jr. to a one-count Bill of Information alleging a wire fraud investment scheme.

According to documents filed in court, ORTLOFF was an investment broker doing business as Ortloff Trading, L.L.C. ORTLOFF used a “gmail” e-mail address to conduct business.

Gmail servers are all located outside of the State of Louisiana, which gives federal authorities jurisdiction of interstate electronic transmissions.

From August 2007 through May 2012, ORTLOFF defrauded a victim

of $191,000 by

e-mailing monthly statements that represented that the victim’s investments were making a profit, when in reality Ortloff was stealing the money.

ORTLOFF faces a maximum of twenty years’ incarceration, a $250,000 fine, restitution and three years’ supervised release. Sentencing before Judge Duval has been scheduled for December 10, 2014.

This case was investigated by agents from the Federal Bureau of Investigation and prosecuted by Assistant United States Attorney Carter K.D. Guice, Jr. of the Fraud Unit.

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Comment balloon 6 commentsDavid Saks • August 22 2014 09:31AM

Comments

Glad he got caught.  And, I hope he repays all the money he stole.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 5 years ago

It'll take a heck of a long time to pay it back manufacturing license plates for a dollar a week, Gabe.

Posted by David Saks ((retired)) over 5 years ago

David ...it's amazing what some people will come up with and then carry out. Have a great day in Memphis!

Posted by Rob Thomas, Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro (Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954) over 5 years ago

The worst of it is that it's more common in real estate and investment banking than anywhere else, Rob.

Medicine is a runner-up.

There are more people in jail for bank and credit fraud than drug crimes.

Thanks for the note. Have a terrific weekend.

Posted by David Saks ((retired)) over 5 years ago

What a fool! He preyed on the elderly and now will be old himself when he gets out.

Posted by Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty, Sun City Grand in Surprise Arizona (Leolinda Realty) over 5 years ago

Is "scumbag" too nice of a description for that loser, Leolinda ?

Posted by David Saks ((retired)) over 5 years ago

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