BOSTON – A Concord man pleaded guilty yesterday in federal court in Boston to defrauding an investor of $72,000.
Eric Lyons, 52, pleaded guilty to one count of investment advisor fraud before U.S. District Court Judge Angel Kelley who scheduled sentencing for Feb. 15, 2023.
Between 2015 and 2017, Lyons participated in the operation of multiple investment funds, including the Synchrony Value Fund LP, for which Lyons solicited investors and participated in distribution decisions for the funds. In that role, Lyons defrauded an investor by allowing for the distribution of that investor’s gains, as well as a portion of their underlying investment, to other investors. The defrauded investor eventually liquidated their position in the fund, receiving approximately $72,000 less than the amount to which they were entitled.
The charge of investment adviser fraud provides for a sentence of up to five years in prison, three years of supervised release, a fine of $250,000 or twice the gross gain or loss, whichever is greater, and restitution. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
United States Attorney Rachael S. Rollins and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation Boston Division made the announcement. The Massachusetts Department of Unemployment Assistance provided valuable assistance with the investigation. Assistant U.S. Attorney Christopher J. Markham of Rollins’ Securities, Financial & Cyber Fraud Unit is prosecuting the case.