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In SDNY Ponzi Schemer Booth Gets 78 Month Plea Deal After Being Presented In NY Giants Pajamas

By Matthew Russell Lee, Patreon

SDNY COURTHOUSE, Oct 22 – While many or even most cases in the Magistrates Court of the U.S. District Court for the Southern District of New York are sealed or have case numbers given only later, on September 30 Magistrate Judge Kevin N. Fox was presented with an alleged Ponzi schemer dressed in New York Giants pajama pants. James T. Booth, as is rare, did not waive the public reading of the indictment against him. Inner City Press reported it here.

It was signed, sealed, on September 27 by Judge Robert W. Lehrburger, and describes Booth telling a widow "she would have $1 million by the time she was 100 years old." Booth swindled money from a child's college fund and for the care of a disabled sibling. The case is US v. Booth, 19-cr-00699 (Koeltl).

Now less than a month later on October 22 James Booth has pleaded guilty, with a plea agreement dated October 10 estimating his sentencing guideline as 78 to 97 months: "Dear Mr. Bevilacqua: On the understandings specified below, the Office of the United States Attorney for the Southern District of New York (“this Office") will accept a guilty plea from James T. Booth (the defendant”) to Count One of the above-referenced Indictment. Count One charges the defendant with securities fraud, in violation of Title 15, United States Code, Sections 78j(b) and 78ff, Title 17, Code of Federal Regulations, Section 240.10b-5, and Title 18, United States Code, Section 2, in connection with Booth soliciting and obtaining millions of dollars from investors in Insurance Trends, Inc., an entity he controlled, through false and misleading representations and then misappropriating those funds for his personal benefit. ... the defendant's stipulated Guidelines range is 78 to 97 months' imprisonment (the “Stipulated Guidelines Range”)....Robert L. Boone Assistant United States Attorney." The sentencing before Judge Koeltl is set for February 21, 2020.



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