U.S. Attorney Breon Peace announced the conviction of Jeffrey Sloter for embezzling more than $1 million from clients to fund a lavish lifestyle. Photo: Andrew Hannick/AP
The former registered investment adviser and founder of New York investment advisory firm Battery Private was found guilty by a federal jury on Thursday of wire fraud, investment adviser fraud and money laundering. Sloter was convicted of embezzling more than $1 million from clients, funds used to support a lavish lifestyle.
A three-day trial before U.S. District Judge Gary Brown revealed that 46-year-old Jeffrey Slotower personally sold his clients’ funds, including a $125,000 Mercedes-Benz SUV, luxury clothing and jewelry, and court memberships. It was revealed that the money was used for luxury expenses. The exclusive Long Island National Golf Club.
“This case was about the greed and betrayal of customers who trusted the defendants and thought their funds were safely invested,” said U.S. Attorney Breon Peace. “Slotower tricked these customers into stealing money and lavishing them with new cars, high-end clothing and jewelry, and memberships at East End country clubs.”
