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Thursday, May 29, 2008
Ind. Courts - "Bloomington Attorney Charged in Securities Scam"
From a press release issued today by the Indiana Secretary of State's office:
Bloomington police arrested attorney Phillip Chamberlain overnight on charges of misconduct involving his clients and violations of Indiana's Securities Act. The arrest comes after a joint investigation conducted by the Bloomington Police Department and Indiana Secretary of State Todd Rokita's Prosecution Assistance Unit (PAU). Monroe County Prosecuting Attorney Chris Gaal filed the criminal charges. Chamberlain faces five felony counts and could face up to eight years in prison for each charge. * * *The charges filed indicate that a client of Chamberlain sought legal advice related to investing in rental properties. Chamberlain allegedly offered his client an alternative whereby the client would loan Chamberlain and others money for the development of a golf course and construction of a home in Lawrence County. Instead of investing the client's funds, Chamberlain is being charged with stealing a large portion. He also allegedly forged an endorsement signature on one of the client's checks and then deposited the check into his own bank account.
Specific charges against Chamberlain include two counts of Fraudulent or Deceitful Acts with the Offer, Sale or Purchase of a Security, one count of Forgery, one count of Offer or Sale of an Unregistered Security and one count of Transacting Business as an Unregistered Broker-Dealer or Agent - all Class C felonies. The charges described are merely an accusation. The defendant is presumed innocent until and unless proven guilty.
Posted by Marcia Oddi on May 29, 2008 05:10 PM
Posted to Indiana Courts