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Financial Advisor Admits To Running $5M Ponzi Scheme, SDNY Says Financial Advisor Admits To Running $5M Ponzi Scheme, SDNY Says
Financial Advisor Admits To Running $5M Ponzi Scheme, Sdny Says A financial adviser from Fairfield County admitted to running a yearlong multi-million dollar Ponzi scheme. Norwalk resident James Booth, 74, who operated Booth Financial Associates, pleaded guilty solicited money from clients, falsely promising to invest the money in opportunities offered outside of their ordinary advisory and brokerage accounts. Booth pleaded guilty to one count of securities fraud. When he is sentenced on Feb. 21 next year, he will face up to 20 years in prison. In total, Booth fraudulently obtained nearly $5 million from his customers. Instead of investing their money,…

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by Zak Failla