Chicago Area Financial Advisor Sentenced to Five Years in Prison for Investment Fraud Scheme

Posted on March 21st, 2019 at 10:36 AM
Chicago Area Financial Advisor Sentenced to Five Years in Prison for Investment Fraud Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

Chicago area financial advisor Richard Booy was sentenced to five years in prison after pleading guilty last year to mail fraud charges.

According to federal prosecutors, Booy admitted to bilking two dozen victims out of $2.3 million and admitted to using some of the money he stole to pay earlier investors, in a Ponzi-scheme like manner.

More specifically, from 2012 to 2016, Booy, who owned Safe Financial Strategies, LLC, solicited mostly elderly, middle-class Chicago area residents to invest in what he described as “high yielding investments.” Moreover, Booy met many of his victims through a Northwest Side evangelical church by advertising his services in the church bulletin and by handing out his business card, which contained the slogan, “Not low risk, NO risk.”

However, instead of investing the funds as promised, Booy used the money to cover personal expenses, including his credit card debt and purchases at Best Buy, and to pay earlier investors through Ponzi-scheme type payments.

In order to cover his tracks, Booy provided phony receipts to his investors with the company’s logo, indicating that the investments were performing as promised.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, richard booy, safe financial strategies, ponzi scheme, best buy

Return to Archive

TESTIMONIALS

Previous
Next

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

August 16, 2022
SEC Warns Financial Advisory Firms Regarding Conflicts of Interest Tied to Compensation

The Securities and Exchange Commission (SEC) has sent a warning to financial advisory firms that they must go above and beyond solely disclosing conflicts of interest related to employee pay programs in order to avoid regulatory scrutiny. 

August 15, 2022
FINRA Proposal Would Permit Private Homes to Serve as Non-Branch Offices

The Financial Industry Regulatory Authority (FINRA) has filed proposed changes to FINRA Rule 3110 with the Securities and Exchange Commission (SEC).

August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.