Carson Rickard was adjudicated guilty and sentenced to 8 years in prison, followed by 15 years of probation, for Fraud – in relation to five or more people over $50,000, Grand Theft Over $100,000, and Acting as an Unlicensed Investment Adviser. He was also ordered to pay $473,000 in restitution to the victims and as part of his probation, may not use any electronic stock trading programs.
Economic Crime Unit Chief Assistant State Attorney J.D. Miller prosecuted the case.
The defendant entered into contracts for pay, with numerous people, to invest on their behalf. The defendant would provide false documents related to the stock trades. When the victims requested to withdraw their money, the defendant would avoid them.
The evidence showed their money was never invested but was spent on an extravagant lifestyle to include expensive vacations, large shopping trips, and large cash transactions through a money app.
The Lee County Sheriff’s Office investigated the case.
Samantha Syoen – State Attorney’s Office Communications Director