Former Roseville business owner sentenced to lengthy prison for fraud scheme

Embezzlement scheme and investigation for three years

ROSEVILLE, CALIFORNIA – On November 21, 2022, The Honorable St. Evans sentenced Robert Barnack, age 67, to eight years and eight months in prison at the California Department of Corrections and Rehabilitation for a $2 million embezzlement scheme.

Barnack worked as an investment advisor for a small, local, family-owned agricultural company, where employees are treated like family. The owner built the business with the hopes of leaving a legacy and being able to financially support themselves, their loved ones, and their employees. One of the company’s many offerings was a profit-sharing plan for employees.

In 2012, Barnack approached the victim who introduced himself as the chief investment officer of Balance Point Retirement Analytics LLC in Roseville, which has since been dissolved. The defendant assured the victim that he could provide them and their profit-sharing plan with a much higher return by purchasing corporate bonds that would have a higher yield over time and eventually mature in 2017.

Greed and embezzlement

Between 2012 and 2017, Barnack provided the victim with statements that reflected higher returns as promised. In 2017, the employees wanted to cash out their investment, but when asked, the defendant avoided their requests and made excuses. After many conversations and requests from the victim, Barnack did not return any of the $2 million that was taken from them or their company.

In 2018, Barnack’s company was sued in federal court by small business owners. During the legal proceedings, it was discovered that Barnack took the money “invested” with his company to buy cars, jewelry, and pay for college and other personal items. He also embezzled money in another company he owned.

In 2019, the family business won a $2.5 million court judgment from Barnack. Barnack made nearly two payments of $100,000 to them under the ruling. Then he missed multiple payments over the course of months. He used to say the money was tied up in investments and promised to pay later, but he never did.

The victim and the business owner personally paid for his employees’ integration into their profit sharing plan, at the cost of losing almost everything.

3 years investigation Roseville PD

After a three-year investigation, Roseville Police Department He obtained an arrest warrant in June, which led to Barnack’s arrest by the US Marshals in Los Angeles. He has since been held at the South Placer County Jail.

In September 2022, it was released Placer County Attorney Barnack sued for fraud and fraudulent intent to appropriate client funds for his personal use.

In October 2022, Barnack filed an open plea on two counts of felony intent to defraud appropriation of funds as well as enhancement alleging misappropriation of more than $500,000. The Placer County District Attorney’s Office declined to make an offer in this case, requesting that the defendant be awarded maximum exposure in this case based on the circumstances of this case.

The Honorable Judge Angus St Evans considered the totality of the circumstances and decided to sentence Barnack to the maximum term of imprisonment, describing his conduct as “disgraceful”.

The Placer County District Attorney’s Office wants residents to know that if a project sounds too good to be true, it probably isn’t. Residents can always verify the company’s authenticity through the in-office fraud hotline at (916) 645-7226 or check out The best office work.