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A former television financial analyst is accused Investors cheating The Department of Justice said on Monday that it was sentenced to five years to spend millions of dollars and runs on runs.
53 -year -old James Arthur McDonald Junior will also be ordered to pay the restoration to his victims after a petition guilty for security fraud on 7 April.
“For your victims, [McDonald] The American dream seemed to embrace, “the prosecutors argued in a punishment memorandum.” But it seems to be cheated, and as [McDonald’s] The victims learned, their faith was cheated. ,
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Former CNBC guest financial analyst, James Arthur McDonald Jr., has been sentenced to five years in jail. (FBI)
McDonald’s, often as a financial analyst as a guest on CNBC, was arrested in June 2024 after spending years on his Florida’s house and extradited back to California, where he was a CEO and CEO and Chief investment officer Los Angeles -based Hercules Investments LLC, and Index Strategy Advisors Inc.
Prior to escape, McDonald’s also abolished his previous phone and email accounts and told a person that he planned to “disappear” according to court documents.
Prosecutors said in 2020, McDonald “lost millions of dollars of Hercoulis client money after” the US presidential election effectively adopted a risky place against the health of the United States.
He incorrectly presented how funds would be used and the “large -scale loss” already created failed to disclose Hercules.
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Officials said James McDonald’s allegedly took steps to disappear before going on the run. (FBI)
The Department of Justice said, “They described most of those funds in various ways wrongly incorrectly incorrect, in which spending $ 174,610 at a Porsche dealership and transferring a house owner $ 109,512 to McDonald’s Arcadia was rented.”
The prosecutors said that overall, McDonald’s lost about 3 million dollars of their customers’ money.
Along with his other company, McDonald’s allegedly sent a false account details to customers, including a customer who invested around $ 351,000, later needed money to make a down payment at a home, informed by McDonald that a lot of money was lost, and never got his full investment. ”
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Overall, America Securities and Exchange Commission “23 raised more than $ 5.1 million from 23 investors and customers, and for personal expenses for individual expenses, more than $ 2.9 million misunderstandings and earlier payments like Ponji to earlier investors,” McDonald said.
A federal arrest warrant was issued for McDonald in 2022 after accusing the securities of fraud.
Greg Norman of Fox News Digital contributed to this report.
