The US District Court in Boston indicted a financial adviser affiliated with a Massachusetts-based broker dealer on charges that she defrauded investors of more than $2.5 million, the US attorney’s office and the FBI said.
Patricia S. Miller, 67, of Pennsylvania, was charged with five counts of wire fraud, the US attorney’s office and the FBI said in a press release.
According to the release, Miller persuaded about 20 clients to put money into her investment clubs. The money was supposed to be placed in fixed-income notes and other investments. But instead of investing the money, “she misappropriated client funds for her own use,” the release said.
Attempts to reach Miller’s attorney were not immediately successful.
If convicted, Miller faces a maximum sentence for each count of wire fraud of 20 years in prison, three years of supervised release, and a $250,000 fine.