Minnesota broker and registered investment advisor Isaiah L. Goodman pleaded guilty to mail fraud in U.S. District Court on Wednesday and said he is willing to accept years in prison and make restitution for stealing more than $2.25 million from nearly two dozen clients to finance his lavish lifestyle.
 
Goodman, 33, pleaded guilty to the charges brought by the Securities and Exchange Commission February 9 for the scheme that stretched for roughly three years until November.

Goodman acknowledged that federal sentencing guidelines suggest prison time ranging from 5¼ to more than eight years in his plea agreement. He is scheduled to be sentenced June 29.

The agreement also calls for Goodman to make full restitution of the $2,250,123 he stole from investors, and to forfeit to the federal government his homes in Plymouth and Maple Grove, two SUVs and any business holdings tied to the crime.

Goodman’s attorney Joe Dixon told reporters last week after the criminal complaint was filed: that his client "takes full responsibility for his actions and is doing what he can to make amends."

Goodman led clients to believe he would be investing their money in “safe and secure investment accounts, such as individual retirement accounts and 401(k) retirement savings plans,” the SEC charges said.

Goodman admits to making a number of luxury purchases with client funds including $2.25 million on his home in Plymouth, a $76,000 down payment on a $535,000 house in Maple Grove, $49,500 for a Ford Expedition, nearly $14,000 for a hot tub, $12,000 on a cruise vacation, $8,300 for fitness club memberships and $4,516 on Tiffany jewelry.

Goodman allegedly furthered the fraud by providing his clients with fake account statements and computer screenshots purporting to show that their funds were appropriately invested and their accounts had appreciated in value, and by making Ponzi-like payments to certain clients, according to the charging statements.

A registered investment adviser and broker, Goodman is alleged to have swindled his clients while operating Becoming Financial Group Inc., Becoming Financial Advisory Services and MoneyVerbs, a business that claimed to provide customers with financial guidance through an internet-based app, the SEC said.

Goodman was a broker with MML Investor Services, a subsidiary of MassMutual, from 2016-2018 and a rep with Northwestern Mutual Investment Services from 2013-2016, according to his BrokerCheck record.