A former A.G. Edwards, Merrill Lynch, and Raymond James affiliated broker is facing up to twenty years in prison after allegedly running a $6 million Ponzi scheme. Sunil Sharma allegedly raised $8.36 million from investors over a six year period for a day-trading strategy involving high risk option securities. Unfortunately for Sharma, according to federal prosecutors, the strategy did not pay off and he acquired new investors to repay the old investors. Sharma pleaded guilty and is scheduled to be sentence in August. Sharma faces twenty years in prison.
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