Former CNBC analyst who betrayed investors sentenced in multimillion-dollar fraud scheme
Share this @internewscast.com

A former television financial analyst who was accused of defrauding investors out of millions of dollars and spent years on the run has been sentenced to five years in prison, according to the Justice Department on Monday.

James Arthur McDonald Jr., aged 53, is also expected to be required to pay restitution to his victims following his guilty plea for securities fraud on April 7.

“To his victims, [McDonald] seemed to embody the American Dream,” prosecutors stated in a sentencing memorandum. “However, appearances can be misleading, and [McDonald’s] victims discovered that their trust had been violated.”

James McDonald in a screenshot

James McDonald allegedly took steps to disappear prior to going on the run, authorities said. (FBI)

“He misappropriated most of those funds in various ways, including spending $174,610 at a Porsche dealership and transferring $109,512 to the landlord of a home McDonald had been renting in Arcadia,” as mentioned by the Justice Department.

In total, McDonald lost around $3 million of his clients’ money, prosecutors said. 

With another of his companies, McDonald allegedly provided clients with “false account statements, including one client who invested approximately $351,000, later needed the money to put a down payment on a home, was informed by McDonald that a significant portion of the money had been lost, and never received his full investment back.”

The U.S. Securities and Exchange Commission reported that McDonald “raised over $5.1 million from 23 investors and clients, misappropriating more than $2.9 million for personal expenses and Ponzi-like payments to earlier investors.”

A federal arrest warrant was issued for McDonald in 2022 after he was charged with securities fraud.

Share this @internewscast.com
You May Also Like
Version Control: Which ‘Frankenstein’ Should You Watch This Halloween?

Unraveling the Best ‘Frankenstein’ Adaptations for an Unforgettable Halloween Viewing Experience

Remakes, reimaginings, and adaptations have been integral to cinema since its inception.…
Man shot 10 times protecting high school cheerleader who died after shooting at bonfire: report

Heroic Act: Man Fatally Shot Defending Cheerleader at Tragic Bonfire Incident

An Alabama resident claims he endured ten gunshot wounds while attempting to…
Michigan babysitter accused of sexually abusing children in her care faces 47 charges, police say

Michigan Babysitter Faces 47 Charges for Alleged Child Abuse, Police Report

In a deeply unsettling case emerging from Michigan, a 63-year-old babysitter, Gaila…
Palisades Fire suspect has courtroom outburst while pleading not guilty at arraignment

Suspect in Palisades Fire Case Disrupts Courtroom During Not Guilty Plea

The man accused of igniting what authorities have called “one of the…
DOJ prepares to send election monitors to California following requests from state GOPs

DOJ to Deploy Election Monitors in California at GOP’s Request

The Department of Justice is set to deploy federal election observers in…
Hollywood piano teacher allegedly flees country after sexual abuse conviction involving teen

Renowned Hollywood Piano Instructor Vanishes Overseas Following Teen Abuse Verdict

In an unexpected twist, a Hollywood piano teacher, convicted of sexually abusing…
Trump says he's ending trade talks with Canada over TV ads

Trump Halts Trade Negotiations with Canada in Response to Television Advertisements

In a striking development on Thursday evening, President Donald Trump declared an…
Ted Cruz Calls $3 Billion US Aid to Israel a “Bargain”

Ted Cruz Labels $3 Billion US Aid to Israel as a “Bargain” Investment: A Strategic Perspective

At the recent Christians United for Israel Summit, Sen. Ted Cruz doubled…
Army Officer Court-Martialed Over COVID Rules by Vindman Brother Finally Reinstated on Active Duty

Army Officer Rejoins Active Duty After Vindman Brother’s Court-Martial Overturns COVID Rules Case

Mark Bashaw, previously the only member of the Armed Forces to face…
5 takeaways from the demolition of the White House’s East Wing

Key Insights from the East Wing’s White House Transformation

The iconic East Wing of the White House, a space historically utilized…
Manhattan, IL news: Vigil held after 2 junior high students die within days, including boy on bicycle killed in semi-trailer crash

Community Gathers in Manhattan, IL to Honor Junior High Students After Tragic Losses, Including Fatal Bicycle-Semi Trailer Incident

MANHATTAN, Ill. — A close-knit community in the southwest suburbs is grappling…
US kills 6 suspected narco-terrorists in overnight strike on alleged drug smuggling boat, Hegseth says

U.S. Conducts Overnight Strike Eliminating Six Suspected Narco-Terrorists on Alleged Drug-Smuggling Vessel, Hegseth Reports

President Donald Trump authorized a nighttime U.S. military strike on a vessel…