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Department of Justice
U.S. Attorney’s Office
District of Arizona

FOR IMMEDIATE RELEASE
Thursday, March 28, 2019

Bogus Investor Sentenced to Prison for Stealing Client Funds

     PHOENIX– On March 26, 2019, Daniel Braden, 33, of Spring, Texas was sentenced by U.S. District Judge Susan M. Brnovich to five years in prison. Braden had previously pleaded guilty to wire fraud for inducing clients to invest in fake opportunities he promoted.   Braden was also ordered to pay $1,017,500 in restitution. 

     Braden portrayed himself as an experienced trader and falsely claimed to be working with Bank of America/Merrill Lynch.  Braden provided investors fabricated account statements that he created purporting to show gains on their investments and assured investors that their funds were insured.   In reality, Braden diverted the funds to high-risk trading, sports and casino gambling, or to support himself personally.  

     The investigation in this case was conducted by the Federal Bureau of Investigation. The prosecution was handled by Monica B. Edelstein, Assistant U.S. Attorney, District of Arizona, Phoenix.

 

CASE NUMBER:           CR-19-00048-SMB        

RELEASE NUMBER:    2019-037_Braden

 

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For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/

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Topic(s): 
Securities, Commodities, & Investment Fraud
Component(s): 
Press Release Number: 
2019-037_Braden / CR-19-00048-SMB
Updated March 28, 2019