SEC Alleges 'Deeply Religious' Fraud in Rural Community
HARRISBURG, Pa. (CN) - Investment adviser Robert Glenn Bard "marketed himself as a deeply religious man" to take $4.4 million from 150 clients in a continuing fraud he runs through his Vision Specialist Group, the SEC claims in Federal Court.
The SEC says Bard targets unsophisticated investors by promising high returns on safe investments, but "squandered hundreds of thousands of dollars" on "risky (and losing)" investments in penny stocks, and borrowing on margin.
Bard, 43, is the manager and sole owner of Vision Specialist.
The SEC says Bard "has marketed himself as a deeply religious man and benefits from his and his family's reputation in his small rural community," Warfordsburg. It demands disgorgement, a restraining order and injunction and fines.