Wednesday, March 11, 2009

Ohio "Investment Advisor" Pleads Guilty To Defrauding Clients Out Of $5 Million

William Appleton, 41, formerly of Cincinnati, Ohio and now residing in Seattle, Washington, pleaded guilty Friday to one count of mail fraud and one count of income tax evasion in connection with defrauding his investment clients out of some $5 million. Appleton, an insurance agent, posed as an investment advisor under the guise of two entities he controlled, Appleton Advisors and Appleton Capital Management, and solicited investors promising to invest their funds in the financial markets. Instead, Appleton used the money for his own personal benefit. He faces up to 25 years in prison, plus fines and restitution. He is schedule for sentencing on June 18, 2009.

Read the story here and here.

Read the DOJ announcement here.

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