Investigation Leads to Arrest of N.Y. Financial Consultant

New York Superintendent of Insurance Gregory Serio announced the arrest of Jeffrey M. Herber, a financial consultant from Rome, New York on five counts of grand larceny for cheating clients out of more than $342,000. Herber had been arrested in August 2003 for stealing $76,400 from another client.

It is alleged that Herber took investment money from clients and made fraudulent financial statements claiming that the funds were deposited into investment accounts. The investigation reportedly revealed that he kept the money.

Herber turned himself in to the Rome Police Department, where he was placed under arrest, arraigned, and released on his own recognizance. He faces up to 15 years imprisonment.

The investigations into Herber’s actions were led by the Department’s Fraud Bureau, along with the Rome Police Department.