McDonald became a fugitive in November 2021 when he failed to appear before the US Securities and Exchange Commission to testify after being accused of defrauding his investors.
A former CNBC financial analyst-turned fugitive has been arrested by the FBI after three years on the run,as he is accused of defrauding millions from his investors.
James Arthur McDonald Jr,52,was arrested in Port Orchard,Washington,on Saturday by the FBI and will be extradited to California to stand trial in the next few weeks for his alleged crimes,the United States Department of Justice said.
He was the CEO and chief investment officer of two California-based companies: Hercules Investments LLC and Index Strategy Advisors Inc,and would also frequently appear as a financial analyst on CNBC.
McDonald became a fugitive in November 2021 when he failed to appear before the US Securities and Exchange Commission to testify after being accused of defrauding his investors.
Ahead of his 2021 trial,McDonald had reportedly terminated his previous phone and email accounts and had told someone he planned to 'vanish'.
Pictured: McDonald makes an appearance on CNBC as a financial analyst before going on the run in 2021 following fraud allegations
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