In January 2011 Mark Edward Salyer of Tennessee was indicted on charges relating to an investment fraud scheme that he orchestrated from June of 2005 until November of 2007.
According to the plea agreement filed with the court, Salyer was employed by MetLife Securities until 2007 and was responsible for the investment strategies regarding numerous IRA and brokerage accounts for clients. During 2004, Salyer and others formed SalMar Investors Group LLC (SalMar) to purchase thousands of acres of property in Leeds, Alabama, from U.S. Steel. Salyer was named Chief Manager of SalMar.
Salyer admitted to inappropriately diverting over $6 million between June of 2005 until 2007 from IRA and brokerage accounts owned by his MetLife Securities clients. The funds were then unitized without authorization from clients to partake in various real estate ventures, to pay other outside investors and for Salyer’s own personal use. He has admitted that he falsified documents to facilitate wire transfers anne forged customers’ signatures on distribution request forms. He even wrote checks to himself totally $620,500. So that clients would not be suspicious of the lack of money in their accounts he would show them altered account statements.
MetLife Securities has said they had no knowledge of Salyer’s fraud and has compensated all of the victims of his actions.
Salyer now faces a potential 30 year prison sentence and $500,000 fine on March 19, 2012. – Source
If you have been scammed and would like to file a scam report, please click here.