Local Sources: Stephen Recker, who was living in Dubois County living and working when he committed fraudulent practices, has been sentenced to 30 years for securities fraud.
Stephen L. Recker of New Albany has been sentenced to 30 years by the Dubois County Circuit Court. Recker, 58, was charged with fraud following a joint investigation by Secretary of State Connie Lawson’s office and the Indiana State Police. Recker has pled guilty to five counts of securities fraud and two counts of theft.
The investigation began in 2015, after family members of a victim had concerns about suspicious investments being made with Recker and contacted authorities. A joint investigation by the Indiana State Police and the Indiana Secretary of State, Securities Division discovered that Recker was selling securities to at least seven families in the county, taking money from his clients and claiming to put the funds in investments. Instead, he used the money he collected to pay for his gambling habit. No profits were ever disbursed to clients.
Most of Recker’s victims knew him for many years. In one case, Recker solicited his former high school teacher for an ‘investment opportunity,’ in another, he sold roughly $20,000 in securities to a longtime family friend, never disbursing a single payment.
“This is not the first time an unlicensed fraudster has conned Hoosiers into an investment scam,” said Secretary Lawson. “We urge investors to do their homework before investing and to contact the Secretary of State’s office if anything seems suspicious. I would like to thank Prosecutor Quinn, the Indiana State Police, and the Prosecution Assistance Unit for their dedicated work in pursuing this case.”
Recker was sentenced to 30 years, to be served as 20 years in the Department of Correction, followed by 4 years home detention and 6 years on probation. He is ordered to pay $553,298 in restitution to his victims.
For information on how to avoid becoming a victim of investment fraud, visit www.in.gov/sos.