Jury convicts former VB investment advisor, Williamsburg attorney of $25M investment fraud
WAVY, 30 April 2021
NORFOLK, Va. (WAVY) — Two people were convicted Friday in a nationwide investment fraud scheme that caused losses of more than $25 million for more than 300 victims, many of whom were elderly.
According to a U.S. Department of Justice news release, Daryl Bank, 51, of Port St. Lucie, Florida, ran the scheme from January 2012 to July 2017.
The scheme was based in the eastern Virginia region and Port St. Lucie and was aided by including attorney Billy Seabolt, 56, Raeann Gibson, 49, of Florida, and Roger Hudspeth 51, of Suffolk.
Seabolt has offices under Family Wealth Law Group in Williamsburg.
According to the Department of Justice, the group deceived hundreds of unsuspecting investors, most of whom were at or near retirement age, by convincing them to invest in companies owned and controlled by Bank.
Bank, who formerly owned a Virginia Beach investment company, directed co-conspirators to steal significant portions of investment contributions to fund their criminal enterprise and “Bank’s lavish lifestyle.”
Bank was a registered securities broker in 2010 and was barred from the securities industry at that time. However, after that, he went on to operate a private equity company called Dominion Private Client Group to sell unregistered securities through insurance salespeople. That company had offices in Virginia Beach and in Port St. Lucie.
