MANHATTAN (CN) - The chairman of brokerage firm FTC Markets conspired to defraud investors of $22 million, federal prosecutors said. Guillermo Clamens took $1.5 billion from institutional investors, but didn't do with the money what he said he would, the U.S. Attorney's Office said.
The scheme unraveled when Clamens lost $22 million in high-risk securities, including bonds issued by an affiliate of FTC Capital Markets, according to the complaint.
Clamens' operations manager, Nazly Cucunuba Lopez, pleaded guilty on Oct. 16 to conspiracy and securities fraud "orchestrated by Clamens," prosecutors said.
Clamens, 46, remains at large.
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