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.