PHOENIX– On March
26, 2019, Daniel Braden, 33, of Spring, Texas was sentenced by U.S. District
Judge Susan M. Brnovich to five years in prison. Braden had previously pleaded
guilty to wire fraud for inducing clients to invest in fake opportunities he promoted. Braden was also ordered to pay $1,017,500 in
restitution.
Braden portrayed
himself as an experienced trader and falsely claimed to be working with Bank of
America/Merrill Lynch. Braden provided
investors fabricated account statements that he created purporting to show
gains on their investments and assured investors that their funds were
insured. 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. The
prosecution was handled by Monica B. Edelstein, Assistant U.S. Attorney,
District of Arizona, Phoenix.
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