{"id":1658,"date":"2015-06-08T18:44:00","date_gmt":"2015-06-08T18:44:00","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/06\/former_stockbroker_pleads_guil"},"modified":"2022-03-10T16:37:19","modified_gmt":"2022-03-10T22:37:19","slug":"former-stockbroker-pleads-guil","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-stockbroker-pleads-guil\/","title":{"rendered":"Former Stockbroker Pleads Guilty to Fraud Involving $6M Ponzi Scam"},"content":{"rendered":"

\t\t\t\tSunil Sharma, a former stockbroker who hasn’t been part of the securities industry for over 10 years, has pleaded guilty to fraud charges. The 68-year-old is facing 20 years behind bars for starting what prosecutors claim was a $6 million Ponzi scam that ran from 2008 to 2014.<\/p>\n

He allegedly raised $8.36 million from over 30 investors, paying old investors with new investors’ money. According to officials, Sharma misappropriated some $2.5 million of investor funds for his own spending, including a cruise trip, leases for expensive cars, and a down payment on a house. <\/p>\n

Investors received statements showing gains even as Sharma continued to lose their funds. He falsely claimed that investors were putting their money in safe investments when really the day trading strategy he employed was high risk. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Sunil Sharma, a former stockbroker who hasn’t been part of the securities industry for over 10 years, has pleaded guilty to fraud charges. The 68-year-old is facing 20 years behind bars for starting what prosecutors claim was a $6 million Ponzi scam that ran from 2008 to 2014. He allegedly raised $8.36 million from over […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3774,3792,3741],"tags":[],"class_list":["post-1658","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-broker-dealers","category-ponzi-scams","category-securities-fraud"],"yoast_head":"\nFormer Stockbroker Pleads Guilty to Fraud Involving $6M Ponzi Scam — Investor Lawyers Blog — June 8, 2015<\/title>\n<meta name=\"description\" content=\"Sunil Sharma, a former stockbroker who hasn't been part of the securities industry for over 10 years, has pleaded guilty to fraud charges. 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