Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Regulation and Compliance > Federal Regulation

Advisor Hunted by FBI Indicted Over $10M Fraud Scheme

By Jeff Berman

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • An advisor who went missing in 2020 after allegedly scamming about 100 investors as part of a Ponzi scheme has now been indicted by the Justice Department.
  • He was charged with 10 counts of wire fraud, two counts of mail fraud and four counts of money laundering.
  • The former advisor is still being sought by the FBI.

The Atlanta-area advisor who went missing in 2020 after allegedly scamming about 100 investors as part of a Ponzi scheme involving the sale of illegal promissory notes has now been indicted by the Justice Department.

In an indictment filed Tuesday in U.S District Court for the Northern District of Georgia in Atlanta, a federal grand jury charged Christopher Burns, 40, of Berkeley Lake, Georgia, with 10 counts of wire fraud, two counts of mail fraud and four counts of money laundering.

Burns was previously charged in a criminal complaint on Oct. 23, 2020, with one count of mail fraud. He is also under investigation by the Internal Revenue Service.

But he has not been seen since he left his home on Sept. 24, 2020 — one day before he was scheduled to relinquish documents related to his businesses to the Securities and Exchange Commission.

The vehicle he was driving was found abandoned in Dunwoody, Georgia. Inside the vehicle were copies of three cashier’s checks totaling more than $78,000.

In 2021, Meredith Burns, his ex-wife, called on him to give himself up.

Authorities Seek Help

The U.S. Attorney’s Office for the Northern District of Georgia requested Wednesday that anyone with information about Burns’ location — or who thought they had been defrauded by him — to contact the Federal Bureau of Investigation’s Atlanta field office at 770-216-3000 or via the FBI’s website for tips.

According to U.S. Attorney Ryan K. Buchanan, the indictment and other information presented in court, Burns conducted business through several entities — including Investus Advisers, Investus Financial, Dynamic Money and Peer Connect.

Investors were promised their money would be loaned to businesses that needed financing and with little to no risk. In some cases, Burns inaccurately described the investments as secured by the protection of collateral and personal guarantees. In other cases, he falsely claimed he would pool investors’ money to lend it to startup businesses and charities.

However, Burns actually used investors’ money to repay prior investors and to fund his business and his lavish lifestyle. He allegedly defrauded dozens of victims of at least $10 million.

“Burns obtained then violated the trust of his clients to fund his lavish lifestyle,” according to Buchanan. “He betrayed investors and stole their savings with promises of safe investments that would yield high rates of return.”

“Individuals who brazenly cheat their clients should expect to be held accountable. The authorities are continuing to search for Burns, and anyone with information about his whereabouts should contact the FBI,” he added.

“Ponzi schemes, such as the one Burns carried out, inflict emotional and financial damage on its victims,” according to James E. Dorsey, a special agent with the IRS Criminal Investigation’s Atlanta field office.

“IRS Criminal Investigation and our federal law enforcement partners are committed to removing unscrupulous financial advisors from our financial system and ensuring they are brought to justice,” Dorsey said.

(Pictured: Christopher Burns)

Jeff Berman

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.