Elder fraud

Some of the proceeds went to commission a song with the lyrics: “Pop champagne in L.A., New York to Florida; buy another bottle just to spray it all over ya,” says the SEC.

The regulator obtained an emergency asset freeze against the advisor.

The advisor told the client that she could pre-pay her advisory account fees at a discount by writing him a $7,400 check, FINRA claimed.

The fraudulent investments advertised guaranteed returns of up to 8% annually, the regulator says.

Howard Price III used the funds to make purchases at clubs, bars and restaurants, say regulators.

Dean Mustaphalli "deceived the clients that trusted him," New York Attorney General Barbara Underwood said.

Former advisor Paul Marshall's prison term "will be little solace to the dozen victims who lost their life savings due to his greed and callous concern for their well-being,” the FBI says.

Clients thought they were investing in real estate developments that would be flipped for profit.

Overall, the advisor defrauded at least nine clients out of $1 million, which he used to pay for tuition and mortgage payments, federal prosecutors say.

The Ponzi-like scheme used investor funds to pay other investors’ debts and cover personal expenses.