Financial adviser gets 8 years in jail for $4.5M swindle
Stephen Clifford used investment money to pay his mortgage, alimony, and daughter's college tuition.
A former Plymouth, Mass., financial adviser has been jailed for more than eight years after pleading guilty to federal fraud and tax charges stemming from allegations that he stole $4.5 million from clients.
Stephen Clifford has also been ordered to repay $4.5 million to clients whose money he used to pay personal expenses, including mortgage, alimony, credit card bills and his daughter’s college tuition.
The 58-year-old Clifford allegedly used some of the money to fund a personal trading account which he used to speculate in oil futures.
Prosecutors say Clifford caused 24 investors to lose $4.5 million. He also failed to report $2.1 million in investor funds that he had converted to personal use on his tax returns for 2004 through 2006.
Clifford is in jail for a state rape conviction.
Defense attorney Jack Atwood says he will appeal.
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