Stock Broker Gets 20 Years In $1 Million Scam

January 18, 2018

A stock broker is headed to prison in a scam that took $1 million from an Escambia County widow.

Ronald Ball was sentenced to 20 years in state prison and ordered to pay more than $1 million restitution by Judge Thomas Dannhieser.

An Escambia County jury convicted Ball 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.

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

4 Responses to “Stock Broker Gets 20 Years In $1 Million Scam”

  1. Gary on January 18th, 2018 3:27 pm

    Ball should be locked up for the rest of his life. He is one of those who thinks he is smarter than everyone else. Actually, Ball is sort of dumb. There is no mercy for anyone who takes advantage and steals from the elderly. Thanks to Russ Edgar for an impressive job.

  2. mike on January 18th, 2018 3:17 pm

    Tennis court prison. :)

  3. anne 1of2 on January 18th, 2018 12:59 pm

    Bless that sweet lady! Investors just say oops if your investment drops in value.

  4. Captain Willard on January 18th, 2018 8:44 am

    “Never trust your money to people who make their living off other people’s money.”

Written by William Reynolds · Filed Under News