A FINRA-suspended broker known as “K Money” pleaded guilty this week to investment advisor fraud. Kenneth Thom of Westfield, N.J., was arrested in August and charged with defrauding social media followers of more than $800,000. He’ll be sentenced on June 25 and could face up to five years in prison, according to the Justice Department.
“Kenneth Thom pretended online to be a successful investor and advisor when in fact he was a suspended broker and grifter,” said U.S. Attorney Jay Clayton, in a statement. “He recruited social media followers, convinced them to invest with him, and then stole their money. Our office will continue to work with our law enforcement partners to protect investors from fraud, no matter where they seek their investment advice.”
Thom first registered in 2006, with brief stints at Joseph Stevens & Company, National Securities Corporation and Next Financial Group….
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