If you had given your savings to a stockbroker from Ocean County named Brian D. Winters between August 2002 and September 2003, you would have made probably the biggest mistake in your life. Mr Winters, who has already been ordered to repay $5.6 million to investors, was accused of money laundering, theft by deception and securities fraud.
The state attorney general's office said Winters used investors' money to buy luxury cars for himself and employees, as well as funneling $1 million to previous investors.
"Brian Winters stole and squandered more in one year than most hard-working people save in a lifetime," Attorney General Anne Milgram said in a statement.
According to the state Attorney General's Office, the fraudster will face a maximum sentence of at least 20 years in prison. Winters, 36, of Berkeley, promised a guaranteed 50 percent return, prosecutors said.
As a matter of fact, he was not even qualified, as he did not have a licence - the securities were fake. Prosecutors said Winters spent nearly $1 million of investor money on his own investments, and also added a swimming pool and landscaping at his home for nearly $40,000. He also bought a Land Rover, a Corvette and two BMWs, prosecutors said.
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The Dept. of Securities investigated Winters on two occasions and took his word that he would repay the clients before they actually did anything. If they acted faster the number of victims would be alot less.
If you want Winters sold cz diamonds over the net with a pending civil case. The CJS obviously doesn't scare him but "Bubba&quo t; will.