Manhattan Financial Adviser James Booth Pleads Guilty To Operating A $5 Million Ponzi Scheme
Manhattan financial adviser James T. Booth pleaded guilty to securities fraud last week.
Federal prosecutors accused Booth operating a years-long scheme to defraud customers of his financial services firm, Booth Financial Associates.
Booth is accused of stealing nearly $5 million through a variety of lies and misrepresentations.
Manhattan U.S. Attorney Geoffrey S. Berman said:
Booth bilked some 40 clients of nearly $5 million by convincing them that he would deliver solid and secure returns on their investments. Instead, Booth delivered lies and deceit. Today, Booth has admitted to his scheme and now faces a prison term for his lies.