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A former resident of Arcadia is accused of lying and is suspected of stealing millions from investors

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In Science and Space: A former Arcadia resident who oversaw businesses in Los Angeles County was accused on Wednesday, September 21, by federal prosecutors who claim that helium misled investors.

claims of the prosecution After adopting a shortened assumption that staked against the health of the American system in the wake of the COVID-19 pandemic and the election, McDonald, 50, lost clients of his Los Angeles-based firmstead Hercules millions of dollars early in 2020. He predicted that these events would cause large selloffs that would cause the general market to fall.

According to the U.S. Attorney’s Office, James Arthur McDonald Jr., the former CEO and key executive of Hercules Investments LLC and Index Strategy Advisors Inc., has been charged with a number of securities fraud offences.

When the market did not collapse, he actually lost clients worth between $30 million and $40 million, according to the prosecution.

According to the U.S. Attorney’s Office, on March 9, 2021, he acquired $675,000 in investment funds from one victim group as part of the capital campaign. These cash were spent at a Porsche dealership for about $174,610.

A total of $109,512 was sent to the owner of the Arcadia house McDonald was renting, and $6,800 was spent on a website selling expensive clothing for men. Additionally, it is alleged that McDonald misrepresented to clients that his Redondo Beach-based second company, Index Strategy Advisors, was a registered investment adviser despite though he had removed the organisation from the list of state-registered investment adviser firms in May 2019.

The US Securities and Exchange Commission issued a subpoena for him to testify in November 2021, but he did not show up. Authorities claimed that they think he is hiding. McDonald could spend up to 20 years in federal prison if proven guilty.

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