Pennsylvania Insurance Agent James Hocker Charged with Fraud
Insurance agent James Hocker has been charged with fraud by the Securities and Exchange Commission for duping investors out of nearly $1.5 million in a Ponzi scheme.
Insurance Agent Ran Fraudulent Investment Scam
According to the SEC complaint, the Commission charged Hocker with securities fraud when it came to light that Hocker misled investors and made false promises, guaranteeing returns to investors of 10% and 30%.
Instead of investing clients’ funds, Hocker used the money for his personal expenses.
Hocker Faces Criminal Action As Well
James Hocker had previously pleaded guilty to criminal charges filed in a parallel criminal action by the U.S. Attorney’s Office for the Middle District of Pennsylvania. In April 2019 he was sentenced to 17 years imprisonment and ordered to pay restitution in the amount of $1.5 million for defrauding investors.
Agent to Pay Out $1.5 Million
In the final judgment, the SEC ordered James Hocker to pay disgorgement of $1.5 million in order to satisfy the judgment.
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