A 13 month investigation leads to the arrest of a former Jasper man on Thursday. Indiana State Police arrested 58-year old Stephen Recker after a criminal investigation discovered he had defrauded nearly $535,000 dollars of investments from a number of Dubois county residents.
Police say the investigation into Recker began after a complaint had been filed with the Indiana Secretary of State, Securities Division by a woman who was concerned with financial investments he had made on behalf of her mother.
During the investigation State Police worked with investigators with the Securities Division and discovered that Recker had taken money from eight different households in Dubois county on the premise of being an investor placing the money into annuities and other investments, however Recker never payed out any gains or amounts of the principle investment.
While Recker continued acting as a financial adviser to clients it was uncovered that he was no longer a licensed securities broker. Of the $535,000 dollars that had been defrauded it was reported that none of that initial investment had any returns paid back to the individuals involved.
The Dubois County Circuit court issued arrest warrants for Recker on Thursday and later that day Indiana State Police arrested him in New Albany on a total of 19 felony charges. Recker is being held in the Floyd county Jasil without bond with the expection that he will be extradited to Dubois County