A New Albany man has received a 30-year sentence for securities fraud and theft. Stephen L. Recker’s conviction stems from an investigation by the Indiana State Police and the Indiana Secretary of State’s office into accusations that he sold more than $400,000 in bogus securities to clients. He claimed to be using the funds for investments, but instead, Secretary of State Connie Lawson says he spent the money on personal gambling debts.
Lawson says "this is not the first time an unlicensed fraudster has conned Hoosiers into an investment scam. 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."
Results of the investigation say Recker sold securities to at least seven families. His sentencing in Dubois County Circuit Court includes 20 years in state prison, four years of home detention, six years of probation and an order to pay $553,298 in restitution.