by Brian Mahany
Two former brokers working for Wachovia Securities were charged with securities fraud by the Securities and Exchange Commission. The government says William Harrison and Eddie Sawyers defrauded dozens of Wachovia customers out of at least $8 million. Wachovia is now known as Wells Fargo Advisors.
According to court records, Harrison and Sawyer told their clients that they had a “foolproof” method of trading options and promised a 35%, risk free return.
To shield the trading activity from compliance officials at Wachovia, the two opened an account in the name of Harrison’s wife.
The scheme apparently went undetected for 10 months.
Although the SEC has charged the two brokers, Wells Fargo Advisors will likely be forced to make the customers whole. Brokerage firms have a duty to supervise their employees, even if their brokers operate an independent or franchise office.
If you have been defrauded by a broker, contact the fraud recovery lawyers at Mahany & Ertl, LLC. We have helped people throughout Wisconsin and the United States.
Our skilled team of asset recovery lawyers have successfully pursued claims against stockbrokers, insurance agents, welfare benefit plans, offshore assets, Ponzi scheme promoters and even lawyers. If your claim must be arbitrated before the Financial Regulatory Authority (FINRA), we can help. In many instances our services are handled on a contingent or success fee basis meaning you do not pay unless we win.
For more information or a no obligation, no nonsense consultation, contact Brian Mahany at (414) 704-6731 or through the firm’s website, www.mahanyertl.com