Fund manager gets 15 years in prison for $35M scam

A Philadelphia-area fund manager has been sentenced to 15 years in prison for running a Ponzi scheme that cheated investors out of $35 million.
DEC 29, 2009
A Philadelphia-area fund manager has been sentenced to 15 years in prison for running a Ponzi scheme that cheated investors out of $35 million. Federal prosecutors say 53-year-old Joseph Forte (FOR'-tay) of Broomall tried to boost his social status by accumulating wealth and pledging large charitable gifts. He also used the investments on a beach house and to raise his family. Forte ran an investment fund from his basement and dummied up reports showing high returns from about 80 investors between 1995 and 2008. He pleaded guilty to fraud and money laundering. Several victims testified Tuesday that Forte wiped out their life savings. Forte's lawyer says the former gym owner had delusions of grandeur and thought he could make his clients money.

Latest News

LPL adds $600M UBS team in Tennessee
LPL adds $600M UBS team in Tennessee

The firm's latest additions, led by a second-generation financial advisor, are striking out via its Linsco employee advisor channel.

eMoney supports focused financial planning with enhanced needs analysis
eMoney supports focused financial planning with enhanced needs analysis

The Fidelity-owned fintech aims to help advisors connect with mass market and mass affluent prospects with single-goal conversations.

Trump SEC pick Paul Atkins grilled by Democrats in early political test
Trump SEC pick Paul Atkins grilled by Democrats in early political test

The prospective chair of the agency has pledged to shed conflicted interests and "return common sense to the SEC."

Finra moves to boot Alpine Securities, same firm that claims the regulator can’t
Finra moves to boot Alpine Securities, same firm that claims the regulator can’t

'If I were on the side of Alpine Securities, I’d put all my eggs in the federal court,' one attorney said.

CFP Board floats new procedural rules around bankruptcy, misdemeanors
CFP Board floats new procedural rules around bankruptcy, misdemeanors

If approved, the proposed revisions would achieve outcomes similar to the existing process while reducing the burden of oversight.

SPONSORED Retirement plan balances are flourishing. Why are so many advisors missing out on a $3 trillion opportunity?

Participants who receive professional 401(k) advice see higher returns on average, net, than those who don't.

SPONSORED Focus on clients, not compliance – why Gary Corderman found his fit with Farther

This wealth management platform finally delivers on the technology promises other firms couldn't - giving advisors a better way to scale and serve