Criminal Justice
Lawyer Accused of Losing Investor Money to Day Trading Losses
A California lawyer has been charged with wire fraud in an alleged $1.2 million phony investment scheme.
The indictment claims lawyer David Boyer Prince of Saratoga promised at least 30 investors that they would earn 5 to 25 percent interest on their money each month, the San Jose Mercury News reports.
Instead, Prince squandered most of the money on day trading losses, prosecutors allege. Prince diverted another $220,000 for his “personal use,” and placed $68,000 in a foreign bank account, the indictment claims.
