The former Atlanta investment manager, indicted by a federal grand jury last month and facing charges of wire fraud, mail fraud and securities fraud, was arraigned Monday before a U.S. Magistrate.Frederick J. Barton was arraigned on charges of defrauding investors of $3 million.
The 13-count indictment alleges Barton defrauded several clients and investors of $3 million. Barton reportedly defrauded nearly the entire life savings of an elderly woman suffering from Alzheimer’s disease among his victims.
From at least 1995 through 2002, Barton was a manager at an Atlanta branch of A.G. Edwards & Sons Inc. After being fired from the St. Louis-based company, Barton started his own investment advisory firms, Barton Asset Management LLC and Twinspan Capital LLC in Atlanta.
According to the indictment, Barton allegedly during a six-year period fraudulently moved the funds of clients to himself.
One of his reported victims was a 90-year-old woman suffering from Alzheimer's. It is alleged that Barton moved more than $1 million of the woman's assets into his own checking account for personal lifestyle expenses and to fund the development of Twinspan Capital.
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