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Stock Broker Convicted In ‘Complex” Scam That Took $1 Million From Widow
December 14, 2017
An Escambia County stock broker was convicted Tuesday of a complex white collar crime that defrauded multiple people, including a widow that lost over $1 million.
In a jury trail that lasted over a week, Ronald Clark Ball was convicted of nine felony charges, including three counts of grand theft, two counts of money laundering, two counts of racketeering, and one count of criminal solicitation. He faces a minimum of 16.7 years with a maximum of 160 years in state prison when sentenced next month by Circuit Judge Thomas Dannheisser.
The prosecutor, Assistant State Attorney Russell Edgar, said the case was a complex white collar crime matter involving multiple victims and thousands of financial transactions.
The case was investigated by the Office of State Attorney based on a complaint referred by the FBI that Ball had defrauded a physician’s widow of more than $1 million of life insurance proceeds.
Prosecutors presented testimony and evidence that showed Ball, a suspended stock broker, obtained the widow’s money under the pretense he would invest life insurance proceeds for her benefit. Instead he used sham companies, to misappropriate the victim’s money, laundered it through multiple brokerage and bank accounts and then used more than $800 thousand for himself.
Using the same sham companies, Ball obtained more than $300 thousand from credit card companies, an auto finance company, a bank, and a mortgage loan company under false pretenses.
After his arrest, Ball sent a threatening text to the physician’s widow and tried to hide evidence of his actions from investigators. Ball solicited his brother to remove a laptop, e-drive, cell phone and papers from Ball’s house. Investigators discovered Ball’s plan, obtained a warrant, and seized items before they could be removed. Investigators testified they found multiple incriminating items of evidence in Ball’s house, including forged and altered business documents and computer images of the widow’s signature.
Comments
8 Responses to “Stock Broker Convicted In ‘Complex” Scam That Took $1 Million From Widow”
Why aren’t white collar criminals sentenced like other felony criminals? He should spend the rest of his life in prison. Something I have observed over the years is that solo business owners are more likely to do this. Seen a lot of this in Pensacola over the years. Put your money with a well known firm with insurance to cover this kind of malfeasance. Good job, Russ Edgars. Keep up the good work.
This is horrible! This is the reason people have bad thoughts towards honest Financial Advisors. I hope the woman got the help she wanted.
low life……..
I thought stock brokers were rolling in dough but I guess not. Stealing from a widow who trusted him should buy him 50 yrs in prison.
Bad To The Bone.
Great job prosecuting this case Mr. Edgar.
Wow,mum surprised he wasn’t a politician. Certainly has all the necessary creditials.
You’re a mean one, Mr. Grinch.