Former Investment Adviser Pleads Guilty to Securities Fraud in Cherry-Picking Scheme

William Carlton has been charged and pleaded guilty to securities fraud in the Southern District of New York. Prosecutors say he took part in a scheme to defraud his investment advisory clients through "cherry picking." According to the announcement, the scheme systematically allocated profitable trades to Carlton and allocated unprofitable trades to his clients.

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Attorney for the Southern District of New York Jamie McDonald and Assistant Director in Charge of the FBI New York Field Office James C. The source gives no additional details on the scope of the fraud, the number of affected clients, or any sentence or further court action.

The only verified conduct described is the guilty plea and the securities fraud charge tied to the trade-allocation scheme.

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