Former CNBC Analyst Sentenced to 5 Years After $2.9 Million Ponzi Scheme
Key Points
- James Arthur McDonald Jr. received a five-year prison senten...
James Arthur McDonald Jr. managed to turn his CNBC analyst credentials into a $2.9 million personal shopping spree, courtesy of 23 unsuspecting investors. The former financial talking head just received a five-year prison sentence for running what prosecutors describe as a classic Ponzi scheme - because apparently having a legitimate media platform wasn't exciting enough.
McDonald's case perfectly illustrates how a familiar face and smooth delivery can override basic due diligence. While investors thought their money was working hard in sophisticated investments, it was actually funding McDon...
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