CLEVELAND (WJW) – The trial of a financial advisor accused of stealing nearly $10 million from clients through a Ponzi scheme concluded Friday with Raymond Erker taking the stand in his own defense.
Federal prosecutors allege 50-year-old Erker, of Avon, orchestrated a scheme in which he and two co-conspirators diverted dozens of investors’ money for personal use, including a home purchase and renovation.
During the trial that began in the U.S. District Court for the Northern District of Ohio Tuesday, prosecutors presented evidence including bank records and financial documents. The jury is expected to begin deliberations next week.
“It’s embarrassing, it’s hard for me to swallow because I thought it was a safe investment,” victim Tom Flavelle, of North Ridgeville, said.
He said he and his wife lost nearly $500,000 they had intended to use for retirement and to pass on to their children.
“It was supposed to be a safe investment,” Flavelle said. “The first question I would ask him is, ‘Is our money safe?’ And he says ‘Yes, like a rock.’”
Prosecutors said Erker and the co-defendants misled clients who thought they were making low or no-risk investments with a guaranteed rate of return.
Investigators allege the conspirators, who had an office in Westlake, falsely represented that payments to previous investors were rates of return and interest when…
