Investment Adviser Faces $4 Million SEC, Criminal Fraud Charges

A Connecticut investment adviser was hit with parallel charges by the SEC and DOJ alleging he defrauded about 40 people out of $4 million through a Ponzi scheme.

James T. Booth, founder of Booth Financial Associates and former representative of multiple investment adviser and broker-dealer firms, allegedly made false or misleading statements to retail investors. He took in almost $4 million and falsely claimed it would be used to buy securities, according to the SEC.

Instead of purchasing the securities, “Booth pocketed the investors’ money, using the investors’ money to pay personal and business expenses and, from time to time, ...