'Andrew 's Boutros' Controversy: Former CEO Indicted on Federal Fraud Charges in New York
NEW YORK (Reuters) – A federal grand jury in Manhattan has indicted Andrew 's Boutros, the former CEO of a prominent financial advisory firm, on multiple counts of wire fraud and securities fraud, alleging a multi-million dollar investment scheme that defrauded over 50 clients from 2018 to 2024. According to the unsealed indictment, the 45-year-old defendant allegedly solicited funds from high-net-worth individuals for a purported real estate development project, but diverted more than $14 million into personal accounts for luxury expenses, including private jet charters and real estate purchases. The charges, announced by U.S. Attorney Damian Williams on Tuesday, claim Boutros created fake financial statements and used third-party accounts to conceal the transfers. The defendant, who was arrested at his Connecticut residence without incident, pleaded not guilty during a brief arraignment hearing before U.S. District Judge Katherine B. Forrest. A trial date has been set for September 2025. The Securities and Exchange Commission has filed a parallel civil action seeking disgorgement and penalties.