LawFuel.com – Law Newswire – Preet Bharara, the United States Attorney for the Southern District of New York, announced that CLIFFE R. BODDEN pled guilty today in Manhattan federal court to participating in an investment scheme that defrauded foreign investors out of nearly $1 million. As part of the scheme, BODDEN lured investors with false promises that their funds would be safely invested in the U.S. financial markets through a legitimate broker-dealer.
Instead, BODDEN misappropriated the money and used it to pay his own personal expenses. BODDEN pled guilty before U.S. Magistrate Judge Debra Freeman.
