San Diegan Brandon Colker turned himself in to the Baldwin County, Alabama, sheriff's department on Wednesday, February 5.
A grand jury has charged Colker with one count of conspiracy to commit securities fraud and one count of employing a device, scheme, or artifiice to defraud. The indictment charges that Colker participated in a "prime bank" investment scam involving one Richard James Tucker of Robertsdale, Alabama.
In a prime bank scam, a con artist persuades a person — often elderly — to put money in a secret investment vehicle that purportedly will go through a prestigious international bank. The rate of return is usually absurdly high and the con artists stresses secrecy. The investment vehicles are non-existent and the banks may not exist, either.