NY financial advisor stole over $1M from clients to buy car, high-end clothing

According to prosecutors, in 2017 Slothower targeted a California couple whose money he had managed at another financial services firm, promising them he could beat any rate of return they were receiving at his own firm, Battery Private.

He offered to invest one victim's money into what he described as bonds backed by homeowner's association fees and that would purportedly pay an eight-percent return.

Over a two-day period in January 2017, the victim wired Slothower more than $500,000 to Battery Private that was supposed to be invested in the purported HOA bonds.

Instead, prosecutors said Slothower funneled the money into his personal bank accounts and bought a Mercedes Benz SUV for $125,000 and paid membership dues at Long Island National Golf Club.

When a second victim wired him more than $500,000 to invest in the same purported HOA bonds in December 2017, Slothower used the money to pay tens of thousands of dollars in personal credit card debt.

Among the items that were charged to the credit card were a $6,500 Chanel purse, a $13,000 Rolex watch, and over $11,000 in Ralph Lauren clothing, according to investigators.

In both cases, he kept the ruse going by making payments to the victims that were falsely represented as quarterly distributions.

Following a three-day trial, jurors found Slothower guilty of wire fraud, investment advisor fraud, and money laundering.

"This case was about greed and betrayal of clients who trusted the defendant and thought their money was safely invested with him," said US Attorney Breon Peace.

"Protecting investors from fraudsters like the defendant has always been a priority of this office and today's verdict underscores our resolve to vigorously prosecute those who enrich themselves at the expense of victims."

Slothower faces up to 30 years in federal prison.