Fake investor gets 5-year Arizona prison term;Must repay $1M
PHOENIX (AP) - A Texas man who was a bogus investor has been sentenced to five years in federal prison in Arizona for stealing funds from his clients.
Federal prosecutors say 33-year-old Daniel Braden was sentenced Tuesday in U.S. District Court in Phoenix and ordered to pay more than $1 million in restitution.
Braden had previously pleaded guilty to wire fraud for inducing clients to invest in fake opportunities he promoted.
Prosecutors say the Spring, Texas, man portrayed himself as an experienced trader and falsely claimed to be working with Bank of America Merrill Lynch.
They say Braden provided investors fabricated account statements that he created and assured investors that their funds were insured.
But prosecutors say Braden diverted the funds to high-risk trading, sports and casino gambling or to support himself financially.
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