FRAUD STOPPERS:
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Evansville man sentenced to 5 years after scamming investors for over $600,000.
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Neither Morgan nor the product he offered were registered in the State of Indiana. Financial professionals and investment products are required by law to be registered or exempt from registration.
“This is not the first time an unlicensed fraudster has conned Hoosiers into an investment scam,” said Indiana Secretary of State Connie Lawson. “We urge investors to do their homework before investing and to contact the Secretary of State’s office if anything seems suspicious. I would like to thank Vanderburgh Prosecutor Nicholas Hermann for his leadership and hard work in pursuing this case.”
“This is another example of why an individual should always do their due diligence before investing a substantial amount of their hard-earned cash,” said Indiana Securities Commissioner Alex Glass. “Taking the time to research potential investments is an important part of preventing investment fraud.”
Morgan pleaded guilty and was sentenced to five years, including one year the Department of Correction followed by four years of work release. He is ordered to pay $650,024 in total to his 3 victims. His company, Liquid Ninja, is no longer in business.
Eric N. Morgan, 33, of Evansville is serving prison time, after soliciting investments for his energy drink company, but using the money for personal expenses instead. Morgan was sentenced in August, 2017 by the Vanderburgh Circuit Court, following an investigation led by the Indiana Secretary of State’s office.
The investigation began in 2014 when the Indiana Securities Division received a complaint. At the time, Morgan was the President and CEO of Liquid Ninja and took more than $600,000 from 3 victims in the Evansville area for investments in his energy drink company, but instead used the money for personal gain.