Today, Richard Eugene Collins of New Albany was arrested for securities fraud. Collins allegedly sold unregistered securities and was not registered to sell securities in Indiana, which is required by law. He is accused of stealing $250,000 from investors. Collins was the President and Managing Partner of R.C. Vision Quest, which was located in Jeffersonville, Indiana.
Collins allegedly solicited investors in Virginia and North Carolina through cold calls with the promise of guaranteed high returns on their investments. Once he piqued a potential investor’s interest over the phone, he would use a colleague to further explain the details of the investments and to ultimately, seal the deal. To date, his investors have not received any returns on their investments and have been unable to secure a refund of their money. It is believed that Collins used their money for his personal gain.
“Cold calls are a growing trend for scam artists,” said Secretary Lawson. “These predators adapt to take their victims hard earned money any way they can no matter how bold their measures may seem to you and I. I encourage all Hoosiers to always check with my office before investing; it is the number one way to protect yourself.”
The Secretary of State’s office began investigating Collins when inquiries were made from individuals in Alabama and Idaho regarding the legitimacy of R.C. Vision Quest. After a diligent search, the office was unable to locate registration information for Collins or his investments. It is a violation of the Indiana Uniform Securities Act to sell unregistered investments. The law also requires all securities professionals to register with the Secretary of State’s office.
“You can check to make sure any securities professional who is doing business in the state of Indiana and their investments are registered by calling the Secretary of State’s office or by doing a search on our website,” said Indiana Securities Commissioner Alex Glass. “A quick search or phone call could save you thousands of dollars.”
Hoosiers can research securities professionals by calling 317-232-6681 or by looking at the database online at sos.in.gov. For information on how to avoid becoming a victim of investment fraud visit www.indianamoneywise.com.