A Tampa, Fla., investment advisor was sentenced to six years and five months in federal prison in U.S. District Court in Manhattan for defrauding investors out of more than $800,000, the U.S. attorney for the Southern District of New York announced Thursday.
Steven Staltare defrauded investors by giving them false statements about their investments and then used the funds for himself. He asked investors to transfer stock shares to a fictitious partner in exchange for cash and asked other investors for loans with the promise of large payments in return.
He also took money from investors that he was supposedly going to invest in certain stocks, but did not. Four investors were involved in the schemes that went on from 2011 to 2013, the U.S. attorney says.
Staltare was ordered to pay restitution to the victims of $846,250.