SEC Obtains Final Judgment against Man Convicted in Ponzi Scheme
- The 74-year-old founded and run a company called Booth Financial Associates.

The United States Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Commission (SEC) today said it has obtained a final judgment against James T. Booth, who was the mastermind of Ponzi scheme that defrauded customers of nearly $10 million over several years.
The SEC said the Norwalk man was sentenced to 42 months in prison in November for ripping off at least 42 victims through a variety of lies and misrepresentations. The 74-year-old founded and run a company called Booth Financial Associates, which provided advisory services and sold investment products, preyed on retail investors.
Booth solicited money from “unsophisticated investors and seniors seeking advisement services for their retirement savings” with promises of safer investments and higher returns. He falsely claimed to invest their money in securities offered outside of their ordinary brokerage accounts, while, in fact, the money was used to fund his high-roller lifestyle.
“The SEC previously issued an order barring Booth from associating with any broker, dealer, investment adviser, municipal securities dealer, municipal adviser, transfer agent or nationally recognized statistical rating organization, as well as participating in the offering of a penny stock,” the commission said.
Booth allegedly used the funds he raised on personal expenses, meals, entertainment and many trips to casinos, resulting in him being unable to pay his investors’ cash commissions or other bonuses.
Additionally, in order to shore up the fraud, he used a Ponzi-style scheme in which they paid some money to early investors that they claimed represented profits but were, in fact, other investors’ funds. The fraudster even went as far as to draft performance reports which falsely claimed his pools had achieved stunning annual returns for investors.
For new participants, they were assured to receive guaranteed annual returns, while they were actually duped into a Ponzi scheme.
Booth pleaded guilty to one count of securities fraud in October 2019 in Manhattan Federal Court and was sentenced in November 2020.
The United States Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Commission (SEC) today said it has obtained a final judgment against James T. Booth, who was the mastermind of Ponzi scheme that defrauded customers of nearly $10 million over several years.
The SEC said the Norwalk man was sentenced to 42 months in prison in November for ripping off at least 42 victims through a variety of lies and misrepresentations. The 74-year-old founded and run a company called Booth Financial Associates, which provided advisory services and sold investment products, preyed on retail investors.
Booth solicited money from “unsophisticated investors and seniors seeking advisement services for their retirement savings” with promises of safer investments and higher returns. He falsely claimed to invest their money in securities offered outside of their ordinary brokerage accounts, while, in fact, the money was used to fund his high-roller lifestyle.
“The SEC previously issued an order barring Booth from associating with any broker, dealer, investment adviser, municipal securities dealer, municipal adviser, transfer agent or nationally recognized statistical rating organization, as well as participating in the offering of a penny stock,” the commission said.
Booth allegedly used the funds he raised on personal expenses, meals, entertainment and many trips to casinos, resulting in him being unable to pay his investors’ cash commissions or other bonuses.
Additionally, in order to shore up the fraud, he used a Ponzi-style scheme in which they paid some money to early investors that they claimed represented profits but were, in fact, other investors’ funds. The fraudster even went as far as to draft performance reports which falsely claimed his pools had achieved stunning annual returns for investors.
For new participants, they were assured to receive guaranteed annual returns, while they were actually duped into a Ponzi scheme.
Booth pleaded guilty to one count of securities fraud in October 2019 in Manhattan Federal Court and was sentenced in November 2020.