For Daryl Gene Bank, a self-described financial guru and best-selling author who graduated from a Chesapeake high school, the troubles were piling up. He had been banned from working as an investment broker. State regulators had claimed that he defrauded investors out of $21 million. And he had agreed to pay any “ill-gotten gains” in a federal complaint brought by the Securities and Exchange Commission.
Despite all that, Bank convened conference calls with investors last month to assure them that their investments were sound.
They weren’t, according to a grand jury indictment released Thursday after federal agents arrested Bank and an associate on criminal charges of fraud.
Bank, 47, a former Virginia Beach investment company owner and financial radio show host, and Raeann Gibson, 45, the director of operations and part owner of Bank’s Dominion Investment Group, have been accused of promising large returns to hundreds of investors but using much of what was invested to pay themselves or early investors.
