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Secretary of State

Securities Division > News Archive  > For Immediate Release: June 5, 2009 Marion County Man Sentenced for Securities Fraud after Selling Bogus Real Estate Investments

Contact: Jim Gavin
317-233-8655
Media@sos.in.gov

Phillip Moore promised victims extremely high rates of return on their investments; wasn't registered with the state

(INDIANAPOLIS) – Indianapolis resident Phillip Moore will serve a sentence of two years of home detention and be ordered to pay back thousands of dollars he bilked from victims after being sentenced today in Marion Superior Court on two felony violations of Indiana's Securities Act. A joint investigation between Indiana Secretary of State Todd Rokita's Prosecution Assistance Unit and the office of Marion County Prosecutor Carl Brizzi led to the felony charges filed in June 2008.

The investigation revealed that Moore operated a Ponzi scheme by convincing his victims to invest in a real estate venture and promising high rates of return over short periods of time. Moore issued unregistered promissory notes that often went unpaid or were paid by checks which were later returned for having insufficient funds.

"This case illustrates the impact the Prosecution Assistance Unit can have in protecting Hoosiers from financial predators when it unites with agencies like the Marion County Prosecutor's Office to combat fraud," said Secretary Rokita. "My office is always ready to drive results in cases of investment fraud. Unfortunately, we're seeing more and more people in this economy falling victim to these get-rich-quick schemes."

During today's sentencing hearing, Magistrate Amy Barbar commented on the negative effect real estate schemes like Moore's have had on the economy. She also ordered Moore to pay back the entire $176,500 his victims invested and to serve six years on probation with ten hours of community service each month over that time.

About the Prosecution Assistance Unit:

In 2004, Indiana Secretary of State Todd Rokita created the Prosecution Assistance Unit within the Securities Division of the Secretary of State's Office. Its sole purpose is to assist police and prosecutors in investigating and prosecuting criminal violations of the
Indiana Securities Act and the Indiana Loan Brokers Act. The investigators and attorneys in the unit collectively have over 72 years of experience in investigating and prosecuting criminals. Since its inception, the Unit has helped to convict 41 criminals in state and federal courts across Indiana. In addition, courts have handed down over 300 years in sentences, and have ordered over $29 million in restitution for crime victims.

Media Contact: Jim Gavin: 317.233.8655 or media@sos.in.gov.

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