Cuyahoga Falls Man Indicted for Defrauding People Out of Nearly $1.3 Million
A two-count indictment was filed charging a Cuyahoga Falls financial advisor with defrauding people out of nearly $1.3 million related to a fraudulent hotel project in Florida, said Acting U.S. Attorney David A. Sierleja.
Gary J. Boecker, 63, was indicted on one count of wire fraud and one count of making false statements in a loan application.
Boecker worked as an attorney and a financial advisor. He devised a scheme to enrich himself and to fund the “Ocean Jade Health Retreat,” a business venture in Florida known as a water therapy hotel, according to the indictment.
Starting at early as 2014, Boecker pitched his Florida “water therapy hotel” to Victim 1, promising an annual return on investment of 15 percent. Boecker led Victim 1 to believe he owned the hotel involved in the project and told her he already had five investors in the project, both of which he knew were false, according to the indictment.
Victim 1 was a close personal friend of Boecker. Based on his false representations, she agreed to invest $300,000 in the Ocean Jade project. He also caused unauthorized withdrawals of $426,900 from her account in 2014 and 2015, according to the indictment.
Boecker was employed at Victim 2’s company for more than a decade, eventually becoming Chief Financial Officer. Boecker fraudulently obtained $536,300 from Victim 2’s company between 2014 and 2016. The money was for Boecker’s benefit and to further the Ocean Jade project, according to the indictment.
Boecker also used a corporate credit card from Victim 2’s company for $24,274 of personal expenses unrelated to Victim 2’s company, including airfare and rental cars in the Fort Lauderdale area related to the Ocean Jade project, according to the indictment.
If convicted, the defendants’ sentences will be determined by the Court after review of factors unique to this case, including the defendant’s prior criminal record, if any, the defendant’s role in the offense and the characteristics of the violations. In all cases, the sentence will not exceed the statutory maximum and, in most cases, it will be less than the maximum.
This case is being prosecuted by Assistant U.S. Attorney Linda H. Barr following an investigation by the FBI and U.S. Department of Labor.
An indictment is only a charge and is not evidence of guilt. A defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.