Palm Desert man jailed for stock fraud

A Palm Desert man was behind bars Friday on federal charges of raking in about $1 million in profits by selling phony stocks to at least 90 victims.

Robert Mark Seibart, 64, was arrested Wednesday on charges detailed in a grand jury indictment handed down Aug. 16, according to Thom Mrozek of the U.S. Attorney’s Office.

Seibart made his initial appearance in federal court in Santa Ana Thursday, when he was ordered held without bond and a trial was scheduled for Oct. 17, Mrozek said.

Seibart convinced his victims to buy stocks from him — often at a discount — and promised to give them a refund if they didn’t seen a profit within a month, the indictment alleges.

Seibart sold stocks in companies he did not own, have holdings in or control, the indictment alleges. He allegedly pocketed the money and did not give refunds.

Seibart is charged with 14 counts of mail fraud and two counts of wire fraud, because he allegedly got the victims to mail or wire him money from $2,000 to $21,000.