He misappropriated over $4 Million of investor funds to make speculative options trades, and pay back earlier investors, and finance day-to-day personal expenses, according to the US Attorney in New York. The defendant, 46, of Elkridge, Maryland, is charged with one count of securities fraud, which carries a maximum sentence of 20 years in prison; one count of investment adviser fraud, which carries a maximum sentence of five years in prison; and one count of wire fraud, which carries a maximum sentence of 20 years in prison. Source: US Attorney, Southern District of New York