Allen allegedly devised a scheme to defraud clients of his brokerage company, KA Investments, LLC, obtain their money by false pretenses and promises, and misappropriate their money from approximately 2016-2017. Additionally, Allen allegedly misrepresented in monthly statements provided to clients that they were earning positive returns on investments, when in fact, clients were earning negative returns on investments. He also allegedly misrepresented to clients that he was taking between a 14-percent and 18-percent commission on investment profits. Even though he was allegedly misappropriating client deposits for his personal use, regardless of profit or loss, and at a greater percentage. A special agent on the case says there were about 25-30 victims identified with losses at about $6 million.
The FBI is offering a reward of up to $10,000.
(PHOTO PROVIDED BY FBI)