Former New Hampshire Stockbroker Convicted in Maine Theft and Securities Fraud Case

On November 2, 2012, Maine Securities Administrator Judith M. Shaw and Attorney General William J. Schneider that former New Hampshire stockbroker James A. Philbrook was found guilty by an Aroostook County jury of two felony charges stemming from an investment scheme that duped a St. Agatha couple out of $195,000.

Philbrook initially convinced the couple to invest $145,000 in developing a pay-per-view cable television production featuring Carmen Electra. The couple relied on Philbrook’s assurances that the production would net a substantial return. Unbeknownst to the couple, Philbrook used a substantial portion of the money for his personal gain.

Following that incident, Philbrook obtained another $50,000 investment from the couple which he used for his personal benefit.  

The jury rejected Philbrook’s claim that the funds provided by the couple were personal loans to be used at his discretion.

Philbrook is expected to be sentenced in October. The New Hampshire Bureau of Securities Regulation took administrative action against Philbrook on September 7, 2012, for the same conduct.

http://www.mainebiz.biz/apps/pbcs.dll/article?AID=/20121106/NEWS0101/121109984/1092&utm_source=enews&utm_medium=Daily%2BReport&utm_campaign=Tuesday

http://www.unionleader.com/article/20120919/NEWS02/709199979/0/News07