An investment advisor from Maple Grove will serve 84 months in prison followed by three years supervised released for his role in a $2.3 million fraud scheme.
Isaiah L. Goodman, 34, worked as an investment advisor and booker with his companies, Becoming Financial Group, Inc. and Becoming Financial Advisory Services L.L.C. According to court documents, he said he provided financial planning services and offered to put his clients’ savings and retirement funds into safe and profitable accounts.
But instead of putting clients’ money into investment accounts like he claimed, Goodman put the funds into bank accounts he controlled. He used the money to remodel his home in Maple Grove, purchase and build a $1.69 million home in Plymouth and purchase two cars.
He also used the money to buy a hot tub, a cruise, fitness club memberships, jewelry, and to make credit card payments.
From 2017 to November 2020, Goodman defrauded at least 23 clients out of $2,335,797.19, according to the federal charges. Goodman allegedly lied to clients through email and in-person pitches and provided false investment proposals and online account information.
He then failed to return funds upon request and instead kept the money or provided incomplete or late payments.
The Minnesota FBI and Minnesota Commerce Fraud Bureau investigated the case and he was sentenced by U.S. District Judge Susan Richard Nelson.
This article originally appeared on Bring Me The News.
