LOUISVILLE, Ky. (AP) — A Louisville financial adviser has been charged with investment adviser fraud, money laundering, aggravated identity theft and wire fraud.
The U.S. Attorney’s office in Louisville says the indictment is part of a large sweep by law enforcement focusing on elder fraud.
The indictment against 34-year-old Derek Payne Burcham Thursday alleges the financial adviser fraudulently obtained more than $800,000 by misappropriating money from investors. Burcham was the former principal owner of Cornerstone Benefit Advisors.
The alleged fraud occurred between 2011 and 2016, and the indictment alleges Burcham used the funds to support his lifestyle and to cover operating expenses.
The wider sweep by the U.S. attorney and other law enforcement includes more than 250 defendants worldwide involved in schemes that cost elderly clients more than a half-billion dollars.