Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, January 6, 2009

Criminal Charges Alleging Ponzi Scheme Filed Against Anthony James

On December 23, 2008, the United States Attorney for the Eastern District of Michigan filed criminal charges against Anthony A. James, a South Florida investment adviser, charging James with two counts of mail fraud in connection with a multi-million dollar misappropriation and Ponzi scheme. According to the indictment, between April 2001 and January 2008, James used his position as owner of James Asset Advisory, LLC ("James Asset") to receive over $5.3 million from over 40 clients. Those funds were supposed to be invested in various securities, bonds, and funds. Instead of investing those funds, James used approximately $2.4 million of investor money for his own personal use and approximately $2.8 million of investor money to pay back other prior investors.  The SEC previously settled charges against James and James Asset, relating to the same conduct.

http://lawprofessors.typepad.com/securities/2009/01/criminal-charge.html

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