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Bloomington Attorney Accused Of Securities Fraud

Last updated on Thursday, May 29, 2008

(BLOOMINGTON) - A Bloomington attorney has been indicted for fraud related charges involving investment in a Lawrence County development.

Indiana Secretary of State Todd Rokita, Monroe County Prosecutor Chris Gaal and Bloomington police tag teamed an effort to bring in attorney Phillip Chamberlain on five felony charges that could plant him in lockup for up to 40 years.

The investigation indicates a client sought investment advice from Chamberlain regarding rental property, and Chamberlain reportedly talked him into loaning him and others money to develop a golf course and home here in Lawrence County, but, instead, allegedly pocketed some of the cash and allegedly forged another check depositing it in his personal bank account.

Current charges include two counts of fraudulent or deceitful acts with the offer of a security, one count of forgery, one count of offering for sale an unregistered security and transacting business as an unregistered broker.

Chamberlain was taken into custody late last night.

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