Daryl Bank
Barred Advisor Convicted for Role in $25 Million Investment Scheme
Daryl Bank faces a maximum sentence of 300 years in prison after a jury in Virginia federal court found him guilty of defrauding investors, many of whom were retirees.
A financial advisor who’d previously been barred from the securities industry was convicted last week for his role in a scheme that defrauded more than 300 investors out of more than $25 million.
Daryl Bank faces a maximum prison sentence of more than 300 years after a jury found him guilty of conspiracy, mail and wire fraud, selling unregistered securities, securities fraud and money laundering in Virginia federal court. According to Raj Parekh, the acting U.S. attorney for the Eastern District of Virginia, the four-week trial illustrated how Bank and his co-conspirators orchestrated a scheme that drained the retirement accounts of many investors, leaving “a trail of financial and emotional devastation” in their wake.