Mass. man charged with stealing $4.3 million from investors to pay personal expensesBy AP
Wednesday, December 16, 2009
Mass. man charged with stealing from investors
BOSTON — Federal prosecutors have charged a former Plymouth financial adviser with fraud and tax charges stemming from allegations that he stole $4.3 million from clients.
Prosecutors on Wednesday claimed that Stephen Clifford used money from his clients to pay personal expenses, including mortgage, alimony, credit card bills and his daughter’s college tuition.
The 58-year-old Clifford allegedly used some of the money to fund a personal trading account which he used to speculate in oil futures.
Prosecutors say Clifford caused about 20 investors to lose $4.3 million. Authorities also allege he failed to report $2.1 million in investor funds that he had converted to personal use on his tax returns for 2004 through 2006.
Defense attorney Jack Atwood says Clifford plans to plead not guilty at his arraignment. He is being held on state charges.
Tags: Boston, Corporate Crime, Fraud And False Statements, Massachusetts, North America, Theft, United States