the staff of the Ridgewood blog
Los Angeles Ca, a California advisor and frequent CNBC commentator is on the run after being charged with defrauding clients of millions, according to the Department of Justice and the Securities and Exchange Commission.
James Arthur McDonald Jr., 50, was charged with a single fraud count ,faces as much as 20 years in federal prison, according to the Justice Department, which filed the charges in California federal court this week. The SEC also filed a complaint against the registered investment advisor.
McDonald was the CEO and chief investment officer for two registered companies; Hercules Investments, based in Los Angeles, and Index Strategy Advisors, which was based in Redondo Beach. He frequently appeared on CNBC as an analyst, including on “Fast Money” and “The Exchange,” and Hercules Investments won a WealthManagement.com Industry award in 2020 in the category of Alternative Asset Management.
McDonald, who lived in the Los Angeles suburb of Arcadia, is believed to be in hiding, the statement said. It wasn’t immediately clear whether he had an attorney who could speak on his behalf.
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