Ex-California investment company head charged with fraud

LOS ANGELES (AP) — Federal prosecutors say a man who ran two California-based investment companies and frequently appeared as a TV financial news analyst has been charged with securities fraud for allegedly bilking clients out of millions of dollars. James McDonald Jr. was charged Wednesday. Authorities say the former Arcadia resident is believed to be in hiding. McDonald ran two Southern California-based investment companies. Authorities claim that in 2020, his clients lost up to $40 million when his risky short-selling positions backfired. Authorities allege that McDonald concealed the massive losses from later clients and used some of their investment money for personal expenses, spending some of it at a Porsche dealership and on a website that sells designer menswear.