Former Rock Hill investment broker Gene Sullivan, accused of bilking dozens of elderly investors, including many people he'd known for decades, out of more than $2 million in a Ponzi scheme, pleaded not guilty in federal court Tuesday.Sullivan, 63, a New York Life insurance agent for more than 30 years, until he was fired after the insurance company learned of the alleged scheme, did not talk about his case in his first court appearance since he was indicted in August.
Sullivan signed a court document stating he was pleading not guilty and was released after posting a $100,000 unsecured bond — meaning Sullivan did not have to post any money or property to make bail before trial.
In seven counts of mail fraud, federal authorities accuse Sullivan of taking money from about 35 investors from 1995 through November. Sullivan entered into agreements with people, calling the financial products “private placement,” “promissory note” and other names, then promised money would be paid to the investors as interest, according to the indictments.
However, federal authorities claim Sullivan deposited more than $2.5 million into his personal bank account.
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Former Broker Pleads Not Guilty to Ponzi Scheme
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5 comments:
It appears the mail fraud might be the key to holding these scammers accountable. It's a common charge, I've noticed.
Gene Sullivan is a coward and another example of those who are wearing costumes of trust while scheming and preying on old folks for profit. No mercy!
Gene Sullivan shouldn't be able to enjoy sunlight for the rest of his life.
I am toying with the thought that those who plead not guilty and then are proven very guilty receive stiffer punishment.
Gene Sullivan's Mother must be ashamed of him.
Not Guilty? Where'd he get the 2million? Gene must know perps in the INjustice system to get released w/o PAYING a bond.
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