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DA: Frederick Douglas Scott admits $1M fraud

A Manhattan investment adviser who had touted himself as the youngest black hedge fund founder in history pleaded guilty on Friday to conspiracy to commit wire fraud for ripping off $1 million from customers.

Fredrick Douglas Scott, 29, operating through a company called ACI Capital, allegedly lured investors by promising high-returns for short-term loans to businesses and then spent the money on himself at high-end outlets like Louis Vuitton and the Apple Store.

Scott also pleaded guilty to lying to the SEC. He will face up to 25 years in prison and restitution of $1.3 million at his sentencing, scheduled for Dec. 12 before U.S. District Judge Rosalyn Mauskopf in federal court in Brooklyn.

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