April 29, 2014
The United States Attorney Announced charges against David Bridges of Cincinnati, Ohio. It’s alleged that Bridges orchestrated a Ponzi scheme to fraudulently obtain money from investors. Bridges promised to invest his client’s money in high yield investments and insurance products but instead used the savings from his victims to personally enrich himself. Now Bridges, 37, could face up to 10 years in prison and a fine up to $250,000.
Bridges has worked for several broker-dealers throughout his career including NYLife Securities LLC, Allstate Financial Services, LLC, MML Investors Services, Inc., and Northwestern Mutual Investment Services, LLC. Several of Bridge’s victims have been long-time residents of Carmel, Indiana. His scam was revealed when Carmel police were notified of alleged irregularities in their statements. Carmel police then forwarded the information to the Federal Bureau of Investigation, which has led the investigation since.
The FBI alleges that Bridges used bogus companies to conduct his fraudulent operation. Bridges would induce his clients to purchase annuity contracts from one of his companies called SD Capital LLC. Victims bought new products and rolled over their IRA accounts to a fund which was supposed to be managed by SD Capital. Investors would write checks for the transaction, but Bridges allegedly deposited the money in his own bank account.
In total, Bridges is believed to have bilked investors for more than $650,000. Assistant Special Agent in Charge of the Indianapolis FBI Office, Kevin P. Lyons, said “the FBI is dedicated to stopping white collar crime and protecting victims of investment fraud.” Bridges remains in the custody of the U.S. Marshals as he awaits further proceedings in his trial. Bridges had his initial appearance in court on February 24, 2014 were he waived indictment and indicated his desire to enter a plea of guilty.
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