Lake Worth Financial Planner Accused of Defrauding Investors

Michael Hardman of Lake Worth, Florida was arrested last week for allegedly defrauding Palm Beach County investors out of more than $1 million. According to police, Hardman is facing one count of organizing a scheme to defraud and multiple counts of grand theft.

Police records reflect that Hardman used his position as a tax preparer and financial planner to persuade at least 14 Palm Beach County residents to invest approximately $1.3 million in his company Tech Support Systems. Hardman allegedly claimed the investments were loans to the company and identified himself as personal guarantor of the loans. The probable cause arrest affidavit states that Hardman’s alleged victims received occasional payments from Hardman in the beginning, but the payments soon dried up and repeated attempts to collect from Hardman were unsuccessful.

According to the Palm Beach Post, in a December 2011 interview with the Palm Beach County Sheriff’s Office, Hardman stated that most of the money he received was lost in his personal bad investments. At that time, Hardman reportedly claimed he could not recall where the remainder of the money had been spent.

Investors nationwide who have been the victim of financial fraud, may contact the Florida securities arbitration attorneys at Rabin Kammerer Johnson for a free and confidential consultation by calling toll free at 877.915.4040.