A former financial advisor has been sentenced to six years in prison for using millions of dollars of investors’ money to cover his personal expenses.

Martin Ruiz, 46, of New York City and Santa Fe, New Mexico, pleaded guilty in November last year for his role in fleecing investment advisory clients out of more than $10 million, the U.S. Attorney for the Southern District of New York says.

Prosecutors said that from around March 2011 to the present day, Ruiz convinced more than a dozen investment advisory clients of Carter Bain Wealth Management to buy limited partnership interests in an investment fund called RAM Fund, according to the U.S. Attorney’s Office. The fund, however, was controlled by Ruiz, which he did not disclose to the investors, prosecutors said.

Instead, Ruiz misappropriated over $8 million of the investor funds, transferred them “through a series of entities” also controlled by him, and them spent the bulk of it buying a home, paying rent on several apartments and covering his credit card bills, according to the U.S. Attorney’s Office.

Prosecutors also said that Ruiz made false statements to the Securities and Exchange Commission.

Last week, U.S. District Judge Vernon Broderick sentenced Ruiz to 72 months in prison and to pay close to $11 million in forfeiture, the U.S. Attorney’s Office says.

Ruiz joined the financial services industry in 2001, registering with Morgan Stanley, and left the firm for Carter Bain in 2004, according to the SEC’s Investment Advisor Public Disclosure database.

The SEC has a pending civil suit against Ruiz involving similar allegations, according to the regulator.

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