FINANCIAL PLANNER GETS SIXTEEN MONTHS IN PRISON FOR STEALING $230,000 FROM CLIENTS
November 24, 2002
NOVEMBER 15, 2002
MICHAEL J. COLLERAN, ASSISTANT ATTORNEY GENERAL
Attorney General Steven Rowe today announced that Michael L. Hancock, 44, of Falmouth, was sentenced today in Maine Superior Court to three years and eight months in prison, with all but sixteen months suspended, on felony theft and securities convictions. Hancock will be on probation for four years after his release and must pay $72,000 in restitution to his victims.
Hancock pled guilty to the charges and admitted to stealing more than $230,000 from twelve clients. Hancock admitted that his clients gave him money to invest on their behalf, and that he instead stole the money to use it for his own business and personal expenses. Hancock also admitted that he sold securities that were not registered with the State and that he sold securities without a license.
Assistant Attorney General Michael J. Colleran, who prosecuted the case, said that the sentence balances the seriousness of the crimes against Hancock's acceptance of responsibility. Hancock has already returned most of the stolen funds, with only the $72,000 covered by the restitution order remaining to be paid.
The convictions resulted from an investigation into Hancock's securities and insurance activities conducted by the Maine Office of Securities and Bureau of Insurance.
To protect themselves, Colleran recommends that Maine residents check out potential investments with the Maine Office of Securities by calling, toll-free, 1-877-624-8551. Residents also should use the toll-free number for questions or complaints about anyone selling investments.