Two top executives at Sunpoint Securities, a broker/dealer of Longview, Texas, allegedly diverted up to $25 million from as many as 9,000 clients during a nearly two-year period, the SEC alleged in a lawsuit filed Nov. 19.

Van R. Lewis, III, Sunpoint's founder and CEO, and Mary Ellen Wilder, the chief financial officer at the firm until her resignation Nov. 16, allegedly misappropriated approximately $25 million from a money market fund to satisfy Sunpoint's net capital requirements and pay personal expenses, the SEC alleged. The complaint was filed in U.S. District Court in Tyler, Texas.

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