A Maine investment adviser who gave a client misleading advice and stole $5,000 worth of coins from her collection was sentenced this week to 90 days in jail.
Thomas E. Skypeck, 54, of Old Orchard Beach, pleaded guilty last October in York County Superior Court in Alfred to securities fraud, forgery, theft by unauthorized taking or transfer and misuse of entrusted property, in connection with his handling of a Maine client’s insurance and investment accounts.
As part of Skypeck’s plea agreement, sentencing was delayed to allow him time to pay $5,070. His license to practice was revoked.
In all, Skypeck was given a three-year sentence, with all but 90 days suspended. He was ordered to serve two years of probation after his release and to have no contact with the victim.
Officials said Skypeck provided the client, whose name was not released, with misleading information about her annuity contracts in an effort to get her to exchange her old policies for new ones. She relied on his recommendations, which caused her to incur unnecessary penalties and restricted her access to the money, they said. With each new purchase, Skypeck earned a commission.
He also instructed the client to withdraw about $60,000 from one of her annuities, which he then used to purchase silver coins on her behalf, officials said. He completed the transaction using his wife’s name and forged his wife’s signature on the relevant documentation. Skypeck received a commission for the coin sales, and sold $5,000 worth of the client’s coins without her knowledge and kept the money for himself, state officials said.
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