A Connecticut federal court has entered a final judgment against former investment adviser James T. Booth, who was alleged in an SEC complaint to have operated a multimillion-dollar Ponzi scheme that bilked more than three dozen retail investors of $4 million.
In a parallel action by the U.S. Attorney's Office for the Southern District of New York, Booth pleaded guilty to one count of securities fraud.
On Nov. 18, Booth was sentenced to 42 months in prison followed by three years of supervised probation, and was ordered to pay $4,969,689 in forfeiture.
The SEC earlier barred Booth from the securities industry.
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“It was a third party scam,” said the attorney representing the claimants.
Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.
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Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.
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