PRESS RELEASE FOR IMMEDIATE RELEASE
Contact: Catherine Damavandi, Deputy Attorney General
Phone: (302) 577-8927
Date: May 28, 2004
SECURITIES VIOLATOR SENTENCED
(Georgetown, DE): Attorney General M. Jane Brady announces that Robert A. Warner,
of Lewes, was sentenced today in Sussex County Superior Court to 1 year of incarceration and 8 years of probation on securities and tax code violations. He was ordered to pay $20,000 in fines, pay restitution to his victims, and perform community service during his probation terms. He was also permanently barred from the offer or sale of securities in Delaware.
Warner pled guilty on April 19th to charges of theft from a senior, two counts of securities fraud, sale of unregistered securities, sale of securities by an unregistered agent and filing a false income tax return. Four Delaware families from Ellendale, Lewes and Laurel were named as victims.
The State alleged that Warner, president of I.G.I.T., which stands for, “In God I Trust,” raised nearly $75,000 from investors by selling worthless investment contracts and securities of “Prosper International League Limited” or P.I.L.L. He did so by convincing investors that he was a successful securities trader and a devout Christian. The State also alleged that the P.I.L.L. investment was an off-shore pyramid scheme through which investors lost their funds.
Attorney General Brady commented, “Using religion to convince investors, particularly senior citizens, to invest in worthless securities, is inexcusable. My office’s prosecution of this case and today’s sentence sends a message that these types of crimes will not be tolerated in Delaware. I urge investors to call my Securities Unit at (302) 577-8424 to check on the legitimacy of brokers and investment products before investing.” ###