Federal prosecutors Monday called a failed financial adviser a con man who lied to his investors in a $9.3 million scam that preyed upon the elderly.
Prosecutors Kathryn Andrachik and Brian McDonough told jurors in closing arguments that Raymond Erker put the savings of 54 residents into risky start-ups, despite his assurances that the investments would be safe. The government attorneys stressed that the investors would never have given Erker their money if they had known his plans.Erker’s attorney, Edwin Vargas, said his client poured $800,000 of his own money into his Westlake company.
The scheme ended in 2018, when investors failed to receive monthly distribution checks. They went to Erker’s office on Detroit Road in Westlake, but no one was there. “You have every right to sue the s--- out of me, throw me in prison,” Erker told Lilly, according to a tape of the meeting. “I f----- up.”
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