Claude Darrell McDougal, 55, Charlotte, NC, pleaded guilty in US District Court to securities fraud. McDougal was accused of running a Ponzi scheme, bilking approximately twenty-five of his Charlotte investors out of $2.5 million between 2006 and 2010. McDougal faces up to 20 years in prison and a $5 million fine.
Allegedly, McDougal's told clients their money would be invested in securities in McDougal's company, US Financial Alliance Consultants LLC, of Charlotte which he started in 2005. US Financial Alliance Consultants LLC, was never registered as a securities broker. They told their clients they would guarantee a return of 6-15% annually.
According to the prosecutors, McDougal only invested $580,000 of $2.5 million of investors' money, and paid out to them $450,000. These payouts came from new investors' funds, not the profits which were generated from investments. McDougal used more than $1 million of his investors' money for his own personal use.
Claude Darrell McDougal, according to FINRA's BrokerCheck, also was previously registered with the following securities firm(s):
CENTAURUS FINANCIAL, INC. (CRD# 30833) - CHARLOTTE, NC
11/2006 - 08/2009
PFS INVESTMENTS INC. (CRD# 10111) - DULUTH, GA
04/1987 - 04/2005
If you've experienced losses in this or any other Ponzi-like scheme, call Soreide Law Group for a free consultation on how to potentially recover those losses. To speak with an attorney, call 888-760-6552. We represent our clients nationwide.
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