Illinois Investment Advisor Pleads Guilty to $5 Million Ponzi Scheme
From the Desk of Jim Eccleston at Eccleston Law LLC:
Alan H. Gold, an Illinois investment advisor pleaded guilty to perpetuating a $5million Ponzi scheme.
According to the FBI, Gold engaged in a scheme to defraud his clients for at least five years. Gold, who managed several million dollars of client funds through his company, Alan Gold & Associates, based in his residence, allegedly sent account statements to clients falsely representing that their assets were invested in certain stocks, real estate funds, futures contracts, and other investment products. In truth Gold spent those client funds on his own personal expenses. Gold was fired in 2007 from his last employer for violations of company policies regarding borrowing funds from customers' accounts.
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