Grimy Times Exclusive: Raquel Moura Borges, a 38-year-old Brazilian woman, has been arrested and charged with securities fraud, wire fraud, and investment adviser fraud in connection with her scheme to defraud clients of her investment advisory firm, Global Access Investment Advisor LLC (GAIA).
According to the indictment, Borges, who is being prosecuted by the U.S. Attorney’s Office for the Southern District of New York, allegedly defrauded at least two clients out of a combined total of over $19 million.
U.S. Attorney Damian Williams said, ‘Borges promised her investment advisory clients that she would invest in securities and other investments but in fact stole her clients’ savings and lined her own pockets. Now, for this alleged violation of the law and of her fiduciary duty to her clients, Borges faces federal criminal charges.’
USPIS Inspector-in-Charge Daniel R. Brubaker added, ‘The defendant, a native of Brazil, was welcomed by Postal Inspectors with a pair of handcuffs upon her return to the United States yesterday. For years, investors trusted Raquel Moura Borges and her company Global Access Investment Advisors in Manhattan with a combined total of over $19 Million. She allegedly violated at least two of those investors’ trust and broke the law by spending their money on a lavish New York City apartment and to cover other clients’ losses.’
The indictment alleges that Borges used the money from her clients to fund her own lavish lifestyle, including purchasing a $160,000 Manhattan apartment and spending money on interior design fees.
Borges was arrested yesterday morning and presented before Magistrate Judge Sarah Netburn. The case is assigned to U.S. District Judge Lewis J. Liman. Borges is charged with one count of securities fraud, one count of wire fraud, and one count of investment adviser fraud.
The U.S. Postal Inspection Service (USPIS) and the U.S. Attorney’s Office for the Southern District of New York are investigating the case. If convicted, Borges faces up to 20 years in prison and a fine of up to $5 million.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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