FBI: Investment Professional Sentenced for Multimillion-Dollar Investment Fraud Scheme
January 22, 2025
New York, NY – An investment professional has been sentenced to prison for orchestrating a multimillion-dollar investment fraud scheme.
On January 21, 2025, Ethan Carter, a former financial advisor, was sentenced by U.S. District Judge Mary Kay Vyskocil to 15 years in federal prison. Carter pleaded guilty in October 2024 to one count of wire fraud and one count of money laundering.
According to court documents, Carter solicited investments from clients over a period of several years, promising high returns on investments in foreign exchange (forex) and other financial instruments. He falsely represented that he had a successful track record in forex trading and that he was investing clients’ funds with reputable brokers.
In fact, Carter used the majority of the money invested by clients for his personal use, including purchasing a luxury home and funding a lavish lifestyle. He also used some of the money to pay returns to earlier investors in a Ponzi scheme-like fashion.
The scheme came to light after several investors complained to the FBI about not receiving promised returns. The FBI launched an investigation that uncovered Carter’s fraudulent activities.
Carter’s victims lost a total of approximately $15 million in the scheme.
“Carter betrayed the trust of his clients by using their money to fund his own lavish lifestyle,” said U.S. Attorney Damian Williams. “This sentence sends a clear message that we will not tolerate financial fraud that victimizes innocent people.”
FBI Assistant Director-in-Charge Michael J. Driscoll said, “Investment fraud schemes can have devastating financial and emotional consequences for victims. The FBI is committed to investigating these crimes and holding the perpetrators accountable.”
Carter’s sentence is a significant victory for law enforcement and a reminder to investors to be vigilant against financial fraud. Investors are encouraged to conduct thorough research before investing their money and to be wary of promises of high returns with low risk.
Investment Professional Sentenced for Multimillion-Dollar Investment Fraud Scheme
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