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 prison sentence.
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.
The 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.
The 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 (800) 738-1960 or complete the confidential online contact form at the top of this page. We look forward to speaking with you.