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Injunction continues assets freeze in fraud case

August 13, 2009|By ANDREW SCHOTZ

A federal judge on Tuesday approved an injunction against a Warfordsburg, Pa., financial adviser accused of bilking investors.

The order by U.S. District Judge William W. Caldwell continues a freeze on the assets of Robert G. Bard, the adviser, and his firm, Vision Specialist Group LLC.

The U.S. Securities and Exchange Commission has accused Bard of squandering clients' money in risky investments and creating false statements to mask the true value of clients' accounts.

The clients include retirees, a local volunteer fire company and a memorial fund for a U.S. Marine from Warfordsburg who was killed while serving in Iraq.

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Bard and Vision Specialist Group had been under a temporary restraining order.

A preliminary injunction that Caldwell approved eliminated the need for a hearing scheduled for Thursday in U.S. District Court in Harrisburg.

As of Thursday, the docket did not show any other court dates scheduled.

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