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Biography
Fredrick D. Scott is an American convicted fraudster, who posed as a financial consultant and private equity investor, he now works as a motivational speaker. In 2010 he was named one of Ebony magazine's "Top 30 Under 30", described as "the youngest African-American hedge fund founder in history", according to the Ebony article, a claim later disproved by the SEC. In 2008 Scott founded Acacia Conglomerate, Inc., and the following year founded ACI Capital Group. Along with his wife Samira Scott, he maintained the Samira and Frederick Scott Charitable Fund. His investments scheme was deemed an affinity fraud, focusing on African-American businesses. Closing down ACI in April 2013, he launched a new firm called Fredrick D. Scott LLC.
On June 4, 2013, the 29-year-old Fredrick Douglas Scott was arraigned as being a fraud by the U.S. District Court for the Eastern District of New York. He is accused of stealing $750,000 to $3.5 million from clients via his hedge fund business. Scott was sentenced to 63 months in prison for using his investment advisory firm to steal clients’ money and lying to the SEC.