A U.S. Justice Department news release said Anthony A. James of Parkland, Florida was accused of committing the actions from 2001 through June 2009. He was convicted of seven counts of mail fraud, six counts of wire fraud, and one count of embezzlement from an employee benefit plan.
Prosecutors alleged that among the swindled investors, were the owners and employees of Advocate in Manpower Management, Inc. (AIMM), of Boca Raton, Florida, who wired money to James for investment in the AIMM, Inc., Simple Individual Retirement Account Plan. The Justice Department said James represented to investors and pension plan participants that he would place their money in investments, including securities, bonds, and mutual funds for their benefit.
However, rather than invest the money as he represented, James used it for his personal use which included purchasing two residences, buying several cars, and paying his living expenses. James spent approximately $2.5 million of victim investor money for his own personal use and approximately $2.8 million of victim investor money to pay back other prior investors.
Mail and wire fraud carry a maximum penalty of 20 years imprisonment and a $250,000 fine. Theft or embezzlement from an employee benefit plan carries a maximum penalty of five years imprisonment and a $250,000 fine.
« Employees Identify Potential Retirement Plan Offering Improvements