AP NEWS

Man gets 15 years in prison for $6 million stock fraud

November 15, 2019 GMT

SEATTLE (AP) — A 28-year-old man has been sentenced to 15 years in prison for a $6 million stock fraud.

The U.S. Attorney’s Office in Seattle says Keenan A. Gracey, formerly of Newcastle, Washington, posed as a British billionaire with degrees from the London School of Economics and Oxford. He rented Bentleys, Ferraris and homes in exclusive neighborhoods to play the part.

He then persuaded Seattle-area investors to buy what he described as stock that was yet to undergo an initial public offering, with some turning over as much as $745,000. In reality, he simply stole the money, and continued doing so even after the Securities and Exchange Commission sued him in 2018.

U.S. Attorney Brian Moran called Gracey a financial predator and said some of the victims lost their retirement funds and were driven into bankruptcy.