NY investor jailed for spending clients’ millions on vacations, luxury goods

An Upstate New York fiscal advisor accused of spending $4.8 cardinal of his clients’ wealth connected lavish vacations and luxury goods has been sentenced to eight-and-half years successful prison, national prosecutors announced Friday.

Charles Lawrence, 50, of Northpoint, is accused of defrauding 11 investors successful New York, Wisconsin, North Carolina and overseas arsenic portion of an elaborate strategy involving a fake website done which he’d springiness his clients mendacious updates astir their investments.

Lawrence solicited wealth from his victims by selling them an accidental to articulation a “trading program” that helium said would bring his clients important returns, the U.S. Attorney’s Office for the Eastern District of Wisconsin said successful a quality release.

According to a 2023 ailment filed with the U.S. Securities and Exchange Commission, Lawrence lied to his victims by claiming helium was the managing manager of a defunct Swedish institution and promising play concern returns that ranged from 25 to 100%.

Those who agreed to put with him were asked to ligament him money, which helium past utilized to money a luxurious lifestyle. That included planetary travels, chartered backstage jets and the acquisition of luxurious items, including a Range Rover and a 10.8-carat diamond Cartier ring.

Lawrence besides directed his victims to travel their investments connected a website that turned retired to beryllium fake. “The web portal, Lawrence’s promises, and his updates were each fraudulent.” investigators said.

The strategy had a “devastating interaction connected the victims taken successful by Lawrence’s mendacious promises and the elaborate measures helium took to person them that their investments were harmless and lucrative,” U.S. Attorney Gregory Haanstad said successful a statement.

Lawrence was indicted successful June 2023 connected charges of fraud and wealth laundering.

On Thursday, District Judge Lynn Adelman sentenced him to 54 months successful situation and ordered him to wage conscionable implicit $4 cardinal successful restitution.

Citing his “brazen” lies, the justice besides ordered Lawrence to forfeit the Cartier ringing and the Range Rover.

The elaborate country was “a scam from the precise beginning,” Adelman said.