Financial Advisor | Advisory Sentenced To Eight Years For Fraud

Joshua Gould of the University City, Missouri, pleaded guilty to one felony count of wire fraud and one count of felony mail fraud. Partner Gould 's, David Rubin, who pleaded guilty to wire fraud, will be sentenced in September.

A former financial adviser to Woodbury Financial Services Inc., a subsidiary of Associated Spetner in eastern Missouri, and Gould Rubin admitted to taking a great deal of money, $ 1.5 million, an individual retired. It is used in the connections of the Orthodox Jewish community to convince people to invest.

Instead of being used to invest in a mortgage company of St. Louis and of course the money was used for other purposes, such as shore up other companies Gould 's, and for personal expenses such as taking clients to places of entertainment for adults. The total was scammed about $ 5 million. Some restitution has already been done. Investors were told their money would be held secure in a separate account to be used as collateral for the offices of Coral Mortgage Bankers Corporation, which were operated by Rubin, and would receive regular payments of interest.
When the company Rubin 's mortgage had financial problems, Gould St. Louis applied for money from individuals to be used for security to raise capital for the mortgage of coral, according to court documents.

Gould instead of using the money to start up costs of several shell companies business had begun. Among other things, used clients 'funds to pay other clients' requests from the trade after having liquidated their securities without their knowledge, according to the U.S. attorney.