When insurance firms launched social media initiatives, the results were rewarding.
Feb. 06--A former La Crosse insurance salesman already hit with more than $1 million in fines for an investment scheme has been indicted on federal criminal charges.
The indictment alleges Jeremy Fisher, 43, offered potential investors in Florida and elsewhere access to "special trading platforms" that would supposedly generate significant returns.
Between 2009 and 2012, some 18 investors gave Fisher and his Good Life companies about $1.04 million, which Fisher used to buy a house and car, pay his daughter's college tuition and to pay business and personal expenses. Meanwhile, authorities say, he was providing his investors with phony statements indicating that they were earning money on their investments.
A grand jury in Fort Myers, Fla., charged Fisher, who resides in La Crescent, Minn., with four counts of wire fraud. Court documents indicate the FBI is in contact with other victims in Wisconsin and Illinois.
According to prior court filings, Fisher put only about $155,000 of his victims' money into the trading platform, which he found on the internet and had reason to believe was a scam.
Fisher agreed in October to pay $1.086 million in fines and penalties to settle civil action by the Securities and Exchange Commission, though as of September his bank account balance was just $95, according to the SEC.
Though Fisher did not admit to the SEC allegations, the Florida charges rely in part on statements he made to SEC authorities during an April deposition.
Fisher is free on bond with restrictions on travel and his ability to make anything other than personal financial transactions. Fisher declined to comment Wednesday.
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