Lexington investment advisor and attorney found guilty of investment fraud
LEXINGTON, Ky. (WTVQ) — A Lexington investment advisor and attorney was found guilty last week of investment fraud, securities fraud and two counts of mail fraud.
Douglas Hawkins, of Richmond, encouraged his clients to invest in securities, which were properties in Jackson, Mississippi, according to a press release. Clients invested over $2 million in the properties. Hawkins withheld information about the properties when advising his clients to invest, including that many were uninhabitable, rent collection was burdensome and that the properties were often subjected to theft and vandalism. He also didn’t tell his clients that their investment money would be used for things other than their properties, including paying other investors and buying a motorcycle for an employee.
Hawkins was indicted in October 2021.
He’s scheduled for sentencing on April 24.