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