David Saks: Investment Adviser Indicted for Theft of Client Money

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 Adviser Indicted for Theft of Client Money

Westminster Investment Adviser Indicted for

Theft of Client Money

Defendant Allegedly Convinced Victims to Give

Him More Than $1.9 Million from Retirement

Savings, Lines of Credit, and Refinanced

Mortgages in the False Promise of Receiving

Higher Investment Returns

U.S. Attorney’s Office January 29, 2015
  • District of Maryland (410) 209-4800

BALTIMORE, MD—A federal grand jury indicted

Jasper Buck,

age 59, formerly of Westminster, Maryland and elsewhere including Sanford and Lake Mary, Florida, for mail fraud arising from an investment fraud scheme. The indictment was returned on January 21, 2015 and unsealed today upon the arrest of the defendant. An initial appearance is expected to be scheduled in federal court in the Middle District of Florida today.

The indictment was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Stephen E. Vogt of the Federal Bureau of Investigation.

According to the five count indictment, Buck worked for mortgage companies, but held himself out to investors as an experienced investment advisor through Portfolio Financial Group (PFG). The indictment alleges that from October 2006 through at least December 2014, Buck told his victims that PFG would loan money provided by the victims to borrowers who needed funds quickly or were unable to obtain traditional bank loans and were therefore willing to pay a higher interest rate on the loans. In fact, there were no such borrowers, and Buck used the victims’ money for his own personal use or to further his fraud scheme.

Buck told his victims that there were other owners and employees of PFG. However, bank accounts for PFG listed Buck as a signatory, and PFG’s addresses were listed as either Buck’s personal residence or shipping and packaging stores such as UPS.

Buck convinced some victims to refinance their home mortgages and use lines of credits in order to invest the proceeds with Buck through PFG. Buck is alleged to have promised the victims that they would receive a monthly return on their investments greater than the victims’ monthly loan payments. In addition, he convinced some victims to move their retirement savings into an account with a self-directed IRA custodian for the purpose of then having those funds transferred to him. Rather than investing the money turned over to him, Buck used some of the money on himself, as well as to pay other victims in order to convince those victims that their investments were earning the promised returns.

Beginning in January 2014 when Buck had exhausted all of the victims’ funds in his PFG account and could no longer make any payments to the victims, he falsely represented that: there was no issue with PFG financially; PFG was updating software, or was slowed by new federal regulations, or was being sold to another company and no assets could be released until the sale was complete; victim money was in PFG’s possession, but Buck could not physically access it; or that Buck was pursuing legal action against PFG.

As a result of the scheme, Buck obtained at least

$1,961,364 from the victims.

The indictment seeks forfeiture of at least this amount.

Buck faces a maximum sentence of 20 years in prison and a $250,000 fine on each of the five counts of mail fraud.

An indictment is not a finding of guilt.

An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.

Today’s announcement is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices and state and local partners, it’s the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions and other organizations. Since the inception of FFETF in November 2009, the Justice Department has filed more than 12,841 financial fraud cases against nearly 18,737 defendants including nearly 3,500 mortgage fraud defendants. For more information on the task force, visit www.stopfraud.gov.

United States Attorney Rod J. Rosenstein commended the FBI for its work in the investigation and thanked Assistant U.S. Attorney Sean Delaney, who is prosecuting the case.

This content has been reproduced from its original source.

David Saks

Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.


Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.





"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


  Real Estate Crimes


Click "HERE" For Today's Question



TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis



America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • January 30 2015 10:07AM


This blog does not allow anonymous comments