A New Albany man is in jail Thursday night after a 13-month investigation revealed he defrauded nearly $535,000 from numerous Dubois County Residents.
In October 2015, a complaint was filed with the Indiana Secretary of State, Securities Division after a woman became concerned about the financial investments made on behalf of her mother.
A criminal investigation was initiated by the Indiana State Police into the transactions by the woman’s financial advisor, 58 year old Stephen Recker, formerly of Jasper and currently of New Albany.
Through the course of the investigation and as a result of the initial complaint, investigators with the Securities Division and the State Police found that Recker had been involved in numerous financial arrangements with at least 8 different households throughout Dubois County, in which he had taken their money under the premise of placing the money into investments and annuities, but never paying out any gains or amounts of the principle investment.
In total, investigators found that nearly $535,000 was taken by Recker without any money being paid back to the individuals.
Investigators also found that Recker, while he was acting as a financial advisor for his clients, was no longer a licensed securities broker.
Recker was arrested in New Albany today on warrants issued by the Dubois County Circuit Court.
19 total felony charges were filed through the arrest warrant.
Recker is being held in the Floyd County Jail without bond pending extradition to Dubois County.