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Uniondale investment adviser banned

Robert Riddle holds umbrella over his son, Aaron

Robert Riddle holds umbrella over his son, Aaron Riddle, as the two leave Brooklyn federal court. (April 14, 2009) Photo Credit: Patrick E. McCarthy

Federal securities regulators have imposed an industry ban on one of the top executives of a Uniondale investment company that fleeced members of a Queens church out of $10 million.

Robert J. Riddle is barred from association with any investment adviser, the Securities and Exchange Commission said in a Monday decision.

The ban follows Riddle’s guilty plea in September in U.S. District Court, where he was sentenced to 2 years in prison and ordered to pay back $3.3 million to investors. He pleaded to a charge of conspiracy to commit securities fraud.

Riddle was regional vice president of sales at Jadis Capital Inc., a registered investment adviser based in Uniondale.

Others at Jadis charged in the fraud were a Westbury minister's son and three other executives.

The men collected investments from church parishioners and wasted it on money-losing ventures, trips to Europe, high-priced offices and a $200,000 Bentley, prosecutors said.
 

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