It may sound all too familiar to Miami residents, but another stockbroker has been convicted of stealing from a client. The 44 year old admitted his guilt in federal court this past June and he has recently been sentenced to five years in prison. The judge has not yet determined, however, how much the stockbroker will need to pay his victims in restitution.

While this stockbroker has been found criminally responsible for his misconduct, not all are and not all of the victims are given the benefit of collecting restitution. That is one of the important reasons why victims of stockbroker and investment fraud should speak with an experienced fraud attorney. An attorney can help victims recover money that was lost as part of one individual’s greedy scheme to get rich.

The stockbroker in this case admitted to taking more than $1 million from one client and the client’s heirs. The stockbroker originally said that he was taking the money from the elderly victim to cover the services that he had provided for the client, but he was unable to show exactly what he had done for the client when pressed.

Sadly, these kinds of stories happen in Miami much more frequently than we would like to admit. There are many stockbrokers who will take advantage of their clients. In some situations, they can take an entire life savings or the money an individual was relying on to retire. This kind of misconduct is extremely serious and requires a strong legal response.

Source: CBS Denver, “Stockbroker From Aspen Gets Prison For Wire Fraud,” Dec. 29, 2013

Stop by our website to learn more about stockbroker fraud and misconduct.

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