Indy Man Ordered to Pay Back $1.7 Million in Fraud Scam
INDIANA SECURITIES FRAUD NEWS
Parry Clark of Jacksonville, Florida pleaded guilty in September to felony counts of fraudulent sale of securities as an unlicensed broker-dealer and also must pay $1.7 million dollars to defrauded investors.
The Indiana Secretary of State’s office worked with Indiana State Police and the Johnson County prosecutor’s office on Mr. Clark’s scam. Officials from the secretary of state said Clark worked with another man in Johnson County, Indiana to persuade people to invest in his medical malpractice insurance company, Prosidian. The money was then used for personal reasons by Mr. Clark and no insurance was purchased.
An investigation found they took at least $1.7 million in investments from 33 residents, mostly from Johnson County, promised big returns and, in at least a few cases, told investors their money would double in a year, according to the Indiana Secretary of State's Office.