Twin Cities Financial Advisor Uses Clients’ Money To Build House
Minneapolis (KROC AM News) - A registered investment advisor and broker from the Twin Cities is facing prosecution in federal court for ripping off some of his clients.
Prosecutors say the combined thefts totaled more than $2-million and most of the money was spent on a new, expensive house.
Charged Monday was 33-year-old Isaiah Goodman of Plymouth.
The US Attorney’s office in Minneapolis says Goodman owned businesses that “represented that he would provide his clients with financial planning and investment advice, including purporting to place his clients’ savings and retirement funds into financial accounts that he claimed were safe, secure, and profitable.”
Instead, the criminal complaint says Goodman “defrauded at least 23 of his investor clients out of approximately $2,250,123."
According to the complaint, Goodman deposited client funds into bank accounts he controlled. He then used the money for his personal expenses, including
- purchasing and remodeling his home in Maple Grove
- using funds for the purchase and construction of a $1.69 million home in Plymouth
- buying a 2019 Ford Expedition and a 2020 Ford Explorer
- paying for personal expenditures, including a hot tub, a cruise, fitness club memberships, jewelry, and credit card payments.
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