A former New Hampshire stockbroker was convicted of duping a St. Agatha couple out of nearly $200,000 by offering them a chance to invest in developing a pay-per-view cable show featuring Carmen Electra.
According to a press release from Maine's attorney general, the court found that James A. Philbrook, a financial adviser for the couple, had promised the couple a substantial return on the phony investment and used a portion of the couple's initial $145,000 investment to pay back money his son Stefan had embezzled from an employer.
Investigators said that Philbrook used his position of trust with the couple to dupe them into investing in the phony entertainment venture.
Philbrook was convicted on charges of securities fraud and theft in Maine and also faces administrative action from the New Hampshire Bureau of Securities Regulation. Philbrook is scheduled for sentencing in October.
In the press release, the attorney general's office urged residents to check investors.maine.gov to check for warnings about an adviser, salesperson or investment offering.