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3 indicted in Arizona in securities fraud scheme

Posted: 9:54 PM, May 13, 2019
Updated: 2019-05-14 04:54:34Z
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PHOENIX (AP) - Federal prosecutors say a Scottsdale securities broker and three others conspired to illegally convert shares of stock into a profit of hundreds of thousands of dollars.

Internal Revenue Service officials on Monday released an indictment filed last month against David Loflin, Heriberto Cruz and Benjamin Bunker.

All three are accused of several charges including conspiracy, securities fraud, wire fraud and money laundering.

The securities broker has not been indicted yet.

According to the indictment, Loflin, Cruz and Bunker turned the debt of Greenway Design Group, Inc. into unrestricted stock. With the help of the broker, they promoted and sold the stock for an inflated profit between October 2014 and May 2017.

It was not immediately known if any of them have attorneys.