A Texas man has been sentenced to five years in prison for his role in a massive wire fraud scheme that left investors reeling. Daniel Braden, 33, of Spring, Texas, was handed down the prison term by U.S. District Judge Susan M. Brnovich on Monday, March 26, 2019.
According to court documents, Braden had previously pleaded guilty to wire fraud for inducing clients to invest in fake opportunities he promoted. The fake trader portrayed himself as an experienced trader and falsely claimed to be working with Bank of America/Merrill Lynch, a move designed to instill confidence among his clients.
Braden provided investors with fabricated account statements that he created, purporting to show gains on their investments and assured them that their funds were insured. However, in reality, Braden diverted the 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, with the prosecution being handled by Monica B. Edelstein, Assistant U.S. Attorney, District of Arizona, Phoenix.
As part of his sentence, Braden was also ordered to pay $1,017,500 in restitution to the victims of his scheme.
The conviction serves as a stark reminder of the dangers of investment scams and the importance of doing one’s due diligence when it comes to investing in the market.
For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/.
Related Federal Cases
- Two Ex-Trading Firm Execs Found Guilty of $170M Wire Fraud Scheme · Colorado
- TRICARE Scheme Nets 10: $100M Fraud Uncovered · Texas
- Remon Daniel Gets 41 Months for $2M Produce Fraud · Texas
- Leschyshyn Sentenced for $23M Fraud Scheme · Colorado
- Stefano Vitale Gets 262 Months in $23M Fraud Scheme · Colorado
Key Facts
- State: Arizona
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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