Mason financial planner pleads guilty to stealing more than $2 million from clients

Elliot Kravitz (Source: United States Attorney's Office)
Elliot Kravitz (Source: United States Attorney's Office)

CINCINNATI, OH (FOX19) - A Mason financial planner pleaded guilty in Federal Court to one count of wire fraud for an investment scheme in which he defrauded nine of his customers out of over $2 million.

According to court documents, Elliot Kravitz, 54, owned and operated EMC Financial Services, Inc., an investment, financial planning, and tax preparation business in Mason. Kravitz was an independent client investment representative with LPL Financial Corporation, formerly Waterstone Financial Corporation, and sold securities through those financial institutions.

Investigators determined that Kravitz advised his clients to sign a distribution form that allowed Kravitz to pull money out of the stock market telling the clients it was too volatile and invest it in a real estate investment trust. Instead of investing it in the real estate investment trust, Kravitz put the money into an account he controlled.

The total money Kravitz took from his investors was approximately $2,020,374.79.

Kravitz is facing up to 20 years in prison and a fine of up to $250,000. His sentencing date is August 23, 2011.