An Evansville man has been sentenced to prison after being convicted of securities fraud. The Indiana Secretary of State’s office says Eric Morgan bilked three people out of more than $600,000 for investments into his energy drink company, but used the money for personal gain.
The investigation into Morgan, who was the president and chief executive officer of Liquid Ninja, began in 2014. Indiana Secretary of State Connie Lawson says Morgan and his product were never licensed with the state.
"This is not the first time an unlicensed fraudster has conned Hoosiers into an investment scam," said Lawson. "We urge investors to do their homework before investing and to contact the Secretary of State’s office if anything seems suspicious."
The Vanderburgh Circuit Court sentenced Morgan to five years, one of which will be served in the Department of Correction followed by four years on work release. He will also have to pay a total of $650,000 to his victims.