- Associated Press - Tuesday, May 12, 2015

ALBANY, N.Y. (AP) - Prosecutors say a 58-year-old Schenectady investment adviser who raised more than $10.5 million from more than 100 investors has pleaded guilty to securities fraud and other charges.

U.S. Attorney Richard Hartunian says Scott Valente pleaded guilty in federal court in Albany Monday and was released pending sentencing on Sept. 8. He faces up to 20 years in prison, a fine of $5.2 million, restitution, a money judgment of $10.5 million and forfeiture of condominiums in Myrtle Beach, South Carolina, and Ludlow, Vermont.

Valente admitted that between December 2010 and June 2014, he falsely inflated returns for his company, the ELIV Group of Albany.

Valente claimed ELIV had annual investment returns of up to 48 percent, when ELIV actually lost money every year. Valente also paid himself more than $2.2 million in unauthorized fees.


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