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Investment Advisor Pleads Guilty to Fraud

CALIFORNIA | SECURITIES | THE STATE

December 05, 1996|Times Staff and Wire Reports

Michael R. Warren pleaded guilty to fraud charges stemming from his operation of three Los Angeles companies that solicited investment funds from individuals from 1991 through 1994. The three companies, Keypoint Financial Corp., Westcourt Income Partners and Boardroom Advisory Corp., collected nearly $1.2 million from individual investors, promising them the investments would be made in various securities or partnerships, according to Assistant U.S. Atty. David Z. Seide. In fact, Warren, 41, used the money for his own benefit, Seide said. Warren pleaded guilty to five counts of investment advisor fraud, wire fraud and mail fraud. He is scheduled to be sentenced Feb. 10 by U.S. District Judge Steven V. Wilson.

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