Maple Grove Investment Advisor Gets 7-year Sentence for Swindling $2.3 Million from Clients
A Maple Grove investment advisor was sentenced to prison for defrauding clients out of $2.3 million.
U.S. District Court Judge Susan Nelson sentenced Isaiah Goodman, 34, to seven years in prison followed by three years of supervised release.
According to court documents, Goodman took money from at least clients intended for retirement plans, instead using it to feed a lavish lifestyle. Goodman operated Becoming Financial Advisory Services and MoneyVerbs, a business that claimed to provide financial guidance through an internet-based app.
U.S. prosecutors said Goodman provided clients with “materially false and fraudulent information, including investment proposals and bogus online account information.”
As part of his sentence, Goodman must also forfeit all his ill-gotten gains. That includes a $1.69 million home constructed in Plymouth and another home he purchased and paid to remodel in Maple Grove.
The misappropriated funds also included the purchase of a 2019 Ford Expedition, a 2020 Ford Explorer, nearly $14,000 for a hot tub, a $12,000 cruise, $8,300 for fitness club memberships and more than $4,000 on jewelry from Tiffany.
The case is the result of an investigation conducted by the FBI and the Minnesota Commerce Fraud Bureau.