April 6, 2015
New York broker Paul White was sentenced to jail after he was found guilty on multiple counts of investment fraud. According to the County of Suffolk District Attorney’s Office, the 56 year old New Yorker pretended to be a financial adviser for Professional Investment Advisor Inc. He guaranteed clients, mostly elderly, lucrative tax benefits through commercial real estate transactions. Instead, these clients lost their retirement savings.
“Starting in 2008, in his role as a financial advisor, White swindled millions from the seven victims in the indictment,” said Suffolk County District Attorney Thomas Spota. The indictment alleges White spent the money on his own leisure activities, like hunting and a farm in North Carolina. “The defendant deserves, and this office will recommend, the maximum punishment of 20 years’ incarceration in a state correctional facility,” said Spota.