Timothy Broadous, formerly of Tulsa, has been convicted of wire fraud for
his involvement in aPonzi scheme that took more than $2.4 million from investors. He is sentenced to four
years in prison and must pay $1.5 million in restitution. Broadous has
also been ordered to be under supervision for three years following the
According to court documents, Broadous brought in investors by claiming
he would be putting their money into the FOREX foreign currency market
through a holding company. Broadous is accused of using investor funds
to instead pay off earlier investors and to fund a lavish lifestyle.
Ponzi scheme allegedly took victims from all over the nation, including victims in
Arizona, California, Illinois, Maryland, Michigan, North Carolina, Oklahoma,
Texas, Virginia, and Washington. Although a reported $2.4 million was
taken in, Broadous said that only $197,000 was actually invested. The
invested money was lost.
Broadous is to report to prison on July 19th.
dedicated securities arbitration attorneys with Meyer Wilson are interested in helping you recover your losses. If
you have been the victim of investment fraud anywhere in the nation, give
us a call at (888) 390-6491 or complete the confidential online contact
form at the top of this page. We look forward to speaking with you.