Broker-Turned-Finfluencer Gets Two Years in Prison for Fraud – AdvisorHub

A suspended securities broker who reinvented himself as a “finfluencer” known as “K Money” was sentenced to two years in prison for defrauding investors out of hundreds of thousands of dollars. Kenneth Thom received his sentence Tuesday, less than five months after pleading guilty to investment adviser fraud. The rise of social media influencers who dispense investment advice to their followers has raised concerns among regulators. Though a number of “finfluencers” partner with Wall Street firms, others peddle their own financial products. The trend has resulted in a number of arrests. Prosecutors said Thom, 42, promoted himself as a successful trader and Wall Street “luminary” on Facebook, Instagram and Twitch. Using the names “K$” and “K Money,” he sold trading courses and suggestions to his followers. In late 2023, he invited members of one of his Facebook groups to participate in shared accounts that he said he would manage in exchange for a share of any trading profits.  Thom, of Westfield, New Jersey, raised more than $800,000 from more than five dozen investors, according to the government, but invested only $350,000, spending the rest on himself, including purchases at Hermès, flights to France and travel in Japan. Of the $350,000 he invested, he lost more
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