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Fredrick D. Scott

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Fredrick D. Scott
BornSeptember 21, 1984
San Bernardino, CA
NationalityAmerican
CitizenshipAmerican
EducationHarvard University

Corporate Finance Institute (CFI)

Chartered Instituted of Management Accountants (CIMA)
Known forPrivate Equity Investor, Business Mentor, Philanthropist
Criminal chargesConspiracy to commit wire fraud, Making a materially false statement to the Securities and Exchange Commission (2014).
Criminal penalty63 Month Prison Sentence, 3 Years Supervised Release, Restitution Order
Criminal statusReleased
Websitehttps://fredrickdscott.com

Fredrick Douglas Scott (born September 21, 1984) is an American private equity investor, business consultant, philanthropist and contributing writer for Entrepreneur magazine,[1] who pleaded guilty to conspiracy in 2014.[2] 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",[3] according to the Ebony article.

Early life

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Scott was born in San Bernardino, California, in a single parent home as the oldest of three children. After he graduated from high School he joined the United States Army.[3]

Education

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Scott graduated from San Andreas High School, then went on to study at Harvard University (via edx.org). He received his Financial Modeling and Valuation Analyst (FMVA), Capital Markets and Securities Analyst (CMSA), and Commercial Banking and Credit Analyst (CBCA) designations from the Corporate Finance Institute. He earned a diploma in Islamic Finance from the Chartered Institute of Management Accountants.[4]

Career

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Scott launched his career in finance in 2006 as a Mortgage Banker for Innovative Mortgage Capital. In 2007 he launched his own mortgage lending firm, FollyCease Financial which he summarily closed down at the end of 2007 due to the mortgage crisis in the United States. In 2008 he launched Acacia Conglomerate Inc., a fully service Mortgage Banking firm with offices in California and Vancouver, BC. The following year, He then launched ACI Capital Group, an investment banking and advisory firm which fraudulently reported its assets.[5] Exiting ACI at the end of 2012, Scott launched The Scott Family Office, Intl, a single-family office structure from which he stewards his family's assets.[6]

Conviction

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Fredrick was arrested in 2013 by the FBI and charged with Conspiracy to Commit Wire Fraud and Making a Materially False Statement to the Securities and Exchange Commission.[7] His investments scheme was deemed an affinity fraud, focusing on African-American businesses.[8][9][10][11][12] He subsequently pleaded guilty to these charges in 2014 and was sentenced to 63 months in Federal Prison, 3years of supervised release and ordered to pay restitution, he also faced civil penalties from the SEC.[13][14] Fredrick's conviction has come under scrutiny by media outlets, recently, due to the fact that he was convicted of a Conspiracy in which he nor anyone else was indicted and where he was the only party ever charged in the case.[15]

Philanthropy

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Fredrick is a mentor for the Stand Together Ventures Lab Unbundle Policing Incubator, the Northwestern Mutual Black Founder Accelerator, Gener8tor, The Bronze Valley Accelerator and Defy Ventures. The Scott Family Foundation Intl. (formerly the Samira and Fredrick Scott Charitable Fund) has given grants to organizations such as The National Cares Mentoring Movement and The Eagle Academy for Young Men.[16]

The Scott Family Foundation Intl

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Scott is the chairman of the board for The Scott Family Foundation Intl. as a Civil Society Organization and member of the United Nations Global Compact.[17]

#GetRealWoke Podcast

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In 2020, Scott launched the #GetRealWoke Podcast on YouTube where he provides free financial literacy and business development knowledge and resources every week. In addition, through the #GetRealWoke Podcast, Scott gives away a minimum of $1,000.00 every month.[18]

Business Mentorship

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Scott is a business mentor for the Stand Together Ventures Unbundle Policing Incubator, the Northwestern Mutual Black Founder Accelerator, Gener8tor and Defy Ventures. Through these programs and accelerators, Scott provides assistance and support to start-up and growth stage businesses relating to business development, business structuring and business strategy free of charge.[19]

Social Activism

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Scott is the vice-chairman for the National Action Networks Second Chance Committee. Here, he provides support and resources to incarcerated persons and their families. He also helps formerly incarcerated persons re-integrate into society by providing the tools and resources needed to assist them in becoming productive members of society. Additionally, through his work with Defy Ventures, Scott helps formerly incarcerated persons start and grow businesses.[19]

References

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  1. ^ FMVA, Fredrick D. Scott. "Fredrick D. Scott, FMVA". Entrepreneur. Retrieved 2021-09-29.
  2. ^ "Chief Executive Officer Of ACI Capital Group Sentenced To 63 Months In Prison For Using Investment Advisory Firm To Steal Clients' Money And Lying To The SEC". www.justice.gov. 2015-07-02. Retrieved 2021-09-29.
  3. ^ a b "Top 30 Under 30". Ebony Magazine. May 2010. p. 74. Retrieved 30 May 2013.
  4. ^ "Fredrick D. Scott, FMVA - The CEO of The Scott Family Office International". Billion Success. 2021-02-27. Retrieved 2021-09-17.
  5. ^ "SEC Filing Scott" (PDF). adviserinfo.sec.gov.
  6. ^ "Fredrick D. Scott, FMVA - The CEO of The Scott Family Office International". Billion Success. 2021-02-27. Retrieved 2021-09-23.
  7. ^ "Chief Executive Officer Of ACI Capital Group Charged With Wire Fraud", The United States Attorney's Office, Eastern District of New York.
  8. ^ Carney, John (June 5, 2013). "Hedge Fund Boss Preying on African-Americans Arrested". NetNet. CNBC. Retrieved 13 June 2013.
  9. ^ Cabrera, Claudio E. (June 6, 2013). "Black Hedge Fund Manager Is a Fraud, Prosecutors Say". Black Enterprise. Retrieved 13 June 2013.
  10. ^ Marzulli, John (June 4, 2013). "29-year-old 'financial wizard' fleeced investors out of at least $750,000: federal prosecutors". Daily News. Retrieved 13 June 2013.
  11. ^ Darren Sands, "In Hedge Fund Manager’s Last Hours of Freedom, an Attempt at One Last Victim", Black Enterprise, June 11, 2013.
  12. ^ ""The Black Bernie Madoff - Ebony's "Top 30 Under 30" Fredrick Douglas Scott Arrested for Investment Scheme", The Urban Politico, June 17, 2013". Archived from the original on June 21, 2013. Retrieved August 5, 2013.
  13. ^ "Fredrick D. Scott (Release No. LR-22962; April 2, 2014)". www.sec.gov. Retrieved 2021-02-01.
  14. ^ "Chief Executive Officer Of ACI Capital Group Sentenced To 63 Months In Prison For Using Investment Advisory Firm To Steal Clients' Money And Lying To The SEC". www.justice.gov. 2015-07-02. Retrieved 2021-09-30.
  15. ^ "Re-emergence of Fredric Scott". Grind Weekly. 26 March 2021.
  16. ^ "Investor donates funds to Eagle Academy and NCMM - New York Amsterdam…". archive.is. 2013-07-06. Archived from the original on 2013-07-06. Retrieved 2021-09-23.
  17. ^ "The Scott Family Foundation Intl". www.unglobalcompact.org. Retrieved 2021-09-23.
  18. ^ ENSPIRE, Team (2021-07-26). "Fredrick Scott Donates First $1,000 In Podcast's #Learn2Earn Cash Giveaway". ENSPIRE Magazine. Retrieved 2021-09-23.
  19. ^ a b "User Profile | MIT Solve". solve.mit.edu. Retrieved 2021-09-23.
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