Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowSouth Bend attorney Sven Eric Marshall has been sentenced to 10 years and one month in federal prison and ordered to pay $1.94 million in restitution for defrauding investors in his former business, Trust & Investment Advisory Services of Indiana, Inc.
The U.S. Attorney for the Northern District of Indiana announced the completion of Marshall’s case Tuesday. Marshall was sentenced by Northern Indiana District Court Chief Judge Jon DeGuilio after pleading guilty to mail fraud, securities fraud and bank fraud.
In addition to prison time, Marshall, 64, will serve two years on supervised release.
Marshall, whose Indiana law license is currently suspended, practiced in the area of wills, trust, and estates. Also, he provided accounting services and sold investment securities.
For roughly 14 years, until his business collapsed in 2017, Marshall defrauded investors by paying their supposed investment returns with other investors’ money, according to the U.S. Attorney. He also used investors’ money to cover his personal expenses.
He stole more than $730,000 from 16 different investors, according to the U.S. Attorney. In addition, he embezzled more than $1.3 million from seven clients who hired Marshall to prepare their wills and estates.
Many of Marshall victims invested their entire life savings and “suffered substantial financial hardship” after they lost their money, the U.S. Attorney stated. Moreover, the beneficiaries, included numerous churches, schools and charitable organizations, did not receive the money the victims had willed to them.
Marshall was charged in 2018 but absconded to Florida where he was arrested in 2019.
The case was investigated by the Federal Bureau of Investigation. The case was prosecuted by Assistant United States Attorneys Luke N. Reilander and John M. Maciejczyk.
Please enable JavaScript to view this content.