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REIT SWINDLER GETS PRISON TIME
Financial Planner Sentenced to 41 Months in Prison for Stealing More Than $2 Million from Clients Financial, Fraud, Press Release, White-Collar Crime   CINCINNATI—Financial planner and investment advisor Elliot Kravitz, 54, of Mason, Ohio, was sentenced in United States District Court to 41 months in prison and ordered to pay approximately $1,758,913.05 in restitution to customers of LPL Financial Services, Inc., of which his company EMC Financial Services, Inc. was a contract broker.
Carter M. Stewart, United States Attorney for the Southern District of Ohio; and Edward J. Hanko, special agent in charge, Federal Bureau of Investigation, Cincinnati (FBI), announced the sentence handed down today by Senior United States District Court Judge Herman J. Weber.
Kravitz pleaded guilty on May 17, 2011 to one count of wire fraud. Court documents identified Kravitz as an independent client investment representative with LPL Financial Corporation, formerly Waterstone Financial Corporation. Kravitz sold securities through those financial institutions.
In July 2007, Kravitz advised one of his clients to pull money out of the stock market, telling the client it was too volatile and to invest it in a real estate investment trust. The client signed a distribution form allowing Kravitz to move the money. Instead of ... more

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