Financial Advisor to Stars Pleads Guilty to Perpetrating Multiple Ponzi Schemes

Posted on May 22nd, 2015 at 11:29 AM
Financial Advisor to Stars Pleads Guilty to Perpetrating Multiple Ponzi Schemes

From the Desk of Jim Eccleston at Eccleston Law LLC:

Troy Stratos, a self-described entertainment entrepreneur and globe-trotting businessman, pleaded guilty in California to four counts of wire fraud and two counts of money laundering. The most remarkable of the schemes related to $11.3 million that he took from an East Coast financial advisor to buy pre-initial public offering Facebook stock.

Stratos told the advisor that he represented Carlos Slim, one of the world’s richest men, and that because he was buying a large block of Facebook stock for Slim, he would have excess stock that could be sold at favorable prices. The advisor then sent three wire transfers for a total of $11.25 million to buy the shares.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Troy Stratos, Celebrities, Carlos Slim, Fraud, Ponzi Scheme, James Eccleston, Eccleston Law

Return to Archive

TESTIMONIALS

Previous
Next

I just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.

John O.

LATEST NEWS AND ARTICLES

October 20, 2021
5 First-of-Their-Kind SEC Enforcement Actions Announced

Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal recently discussed notable first-of-their-kind enforcement actions that his division has pursued.

October 19, 2021
FINRA Targets SPACs in Most Recent Exam Sweep

The Financial Industry Regulatory Authority (FINRA) has begun an examination sweep of advisors’ involvement with special purpose acquisition companies (SPACs).

October 18, 2021
SEC’s Statement on Complex Exchange-Traded Products

The Securities and Exchange Commission (SEC) recently voted to approve a pair of rule changes proposed by Cboe BZX Exchange, Inc. to list and trade shares of new exchange traded-products: the 2x Long VIX Futures ETC and the -1x Short VIX Futures ETF.