A Brazilian native and part-time N.Y. resident was arrested and indicted yesterday for allegedly defrauding clients out of more than $4 million and spending the money on personal expenses, including buying a $1.5 million home.
Raquel Moura Borges, 55, of Sao Paulo, Brazil, faces one count of securities fraud, one count of wire fraud, and one count of investment adviser fraud in connection with her scheme to defraud customers of her New York City-based investment adviser firm, Global Access Investment Advisor LLC (GAIA), according to the indictment.
The fraud charges carry a combined maximum of 45 years in prison, according to a joint announcement by the U.S. Attorney for the Southern District of New York and the U.S. Postal Inspection Service (USPIS).
USPIS Inspector-in-Charge Daniel R. Brubaker said Borges was “welcomed by Postal Inspectors with a pair of handcuffs upon her return to the United States yesterday.”
Authorities said Borges operated GAIA, which was registered with New York as an investment adviser from 2011 to 2018. The firm, with a combined total of $19 million in assets under management, provided investment advisory services primarily to Brazilians. It was not registered with the Securities and Exchange Commission.
Authorities said she allegedly violated at…
