BrokerCop's Dirty Dozen
July 11, 2012 10:18 AM
BrokerCop's Dirty Dozen
These 12 bad brokers not only did harm to their clients' portfolios, but their clients themselves. Check out BrokerCop's "Dirty Dozen" with offenses ranging from mail fraud to murder.
Source: BrokerCop
Source: BrokerCop
12. Molly Wilson<br><br>
Wilson was convicted of cheating clients out of more than $400,000 to support her lavish lifestyle, including her $200,000 Rolls Royce and $1.2 million mansion.
After being fired from Merrill Lynch in 1989 for violating company policy, she formed her own firm called Wilson Securities.
After being fired from Merrill Lynch in 1989 for violating company policy, she formed her own firm called Wilson Securities.
11. Michael Sydney Wooton<br><br>
Wooton defrauded 14 clients out of almost $1 million and admitted that while a stockbroker for Western International Securities, he converted client funds for personal gain and hid it through creating and mailing fraudulent statements.
10. Ross Mandell<br><br>
Mandell raised more than $50 million from investors with a boiler room scheme to sell worthless securities. He was convicted of securities fraud, wire fraud, mail fraud and other offenses.
9. Mark Madison<br><br>
Rather than investing his clients money in legitimate outlets, Madison took their moneymore than $1 millionand paid off his mortgage, country club dues and expenses and credit card bills.
8. Gregg M.S. Berger<br><br>
This New York stock broker was found guilty of participating in an international stock fraud scheme, involving the use of spam emails to promote Chinese penny stocks. Overall, the stocks generated more than $30 million in illegal proceeds for him and his co-conspirators.
7. Rebecca Engle<br><br>
Engle pled guilty to her involvement in what some prosecutors call the biggest securities fraud case in history. Engle improperly sold risky and unsuitable investments to hundreds of unsuspecting investors, most of who were nearing retirement age or had already retired.
6. Richard A. Finger Jr.<br><br>
Former owner of Black Diamond Capital Management and Black Diamond Securities defrauded 10 clients of more than $7 million. With the stolen money, Finger paid for his own credit card expenses, food, entertainment, payroll, taxes, leased a $71,000 Escalade and $13,000 Ducati motorcycle.
5. Richard Clark<br><br>
Clark was convicted by an Oklahoma federal jury of fraud after engaging in a $43 million pump and dump stock fraud.
4. Dennis Bolze<br><br>
Bolze, a former stock broker and University of Tennessee booster, pled guilty to perpetrating fraud for more than six years and misappropriating millions of dollars. Cheated clients include fellow church members, personal friends and an elderly widow whom he allegedly defrauded of her lifes savings. Bolze had prior convictions of bank fraud and theft.
3. Ryan Kimura<br><br>
This Hawaiian stock broker cheated his wifes family out of more than a million dollars, embezzling $1.5 million from a company owned by his own father-in-law.
2. Ralph Edward Thomas Jr.<br><br>
Thomas, of Reisterstown, Maryland, has been sentenced to four years in prison and $838,000 in restitution for misappropriating money from several customersone of them being a trust fund set up for a child with cerebral palsy.
1. Harvey Morrow<br><br>
Former Long Beach, Calif. stock broker Morrow, was convicted of killing former client, Denver DJ Steven B. Williams. After cheating Williams out of his father’s trust account, Morrow murdered him and used the stolen money to outfit his yacht with a fireplace, teak deck and $100,000 worth of on-board electronics.
