A Texas man has been sent to prison for stealing millions from his clients under the guise of fake investment opportunities.
Daniel Braden, 33, of Spring, Texas was sentenced by U.S. District Judge Susan M. Brnovich to five years in prison on March 26, 2019, for wire fraud. He had previously pleaded guilty to the crime.
Braden was ordered to pay $1,017,500 in restitution to his victims. The scheme was uncovered after Braden diverted client funds to high-risk trading, sports and casino gambling, or to support himself personally.
The investigation in this case was conducted by the Federal Bureau of Investigation. The prosecution was handled by Monica B. Edelstein, Assistant U.S. Attorney, District of Arizona, Phoenix.
Braden portrayed himself as an experienced trader and falsely claimed to be working with Bank of America/Merrill Lynch. He provided investors with fabricated account statements that showed gains on their investments and assured them that their funds were insured.
The case number is CR-19-00048-SMB, and the release number is 2019-037_Braden. For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/. Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.
Key Facts
- State: Arizona
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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