Post by Sapphire Capital on Aug 3, 2008 2:37:34 GMT 4
August 2, 2008
source:Steve Wartenberg, swartenberg@dispatch.com
A former Columbus stockbroker and investment adviser has been indicted and charged with bilking 13 central Ohio clients out of about $187,000.
On Thursday, a Franklin County grand jury charged Lawrence Nallie, who worked in Columbus from 1996 to 2003 and is thought to be living near Cleveland, with 35 counts of mishandling funds, adviser and securities fraud, theft and operating as an unlicensed investment adviser.
All the charges are felonies.
"There is a warrant for his arrest," Assistant Prosecutor Jeff Blake said. "The last known address we have for him is in Hudson, but he didn't respond."
The indictment began with a series of complaints from Nallie's clients to the Ohio Department of Commerce's Division of Securities.
Nallie was licensed by the state as a securities salesman from 1996 to 2003 and as an investment adviser from 1999 to 2003.
He operated Lawrence Nallie & Associates on E. Campus View Boulevard.
According to the Division of Securities, Nallie misled clients, committed fraud, made false representations and "sold securities that were not recorded on the regular books or records of Nallie's securities dealer whom he was licensed with and he had not obtained permission from the firm to sell securities."
Blake said Nallie at one time was an American Express financial-services representative, but the company let him go.
"It seems to have ended with a civil suit, them trying to keep him from using their name," Blake said, adding that American Express has cooperated fully with the investigation.
The Division of Securities issued a cease-and-desist order against Nallie on April 30 and filed four criminal complaints on June 17.
A summons was issued for a July 16 arraignment, but Nallie failed to appear and has ignored several subpoenas and court orders to testify, officials said.
(Columbus Dispatch)
source:Steve Wartenberg, swartenberg@dispatch.com
A former Columbus stockbroker and investment adviser has been indicted and charged with bilking 13 central Ohio clients out of about $187,000.
On Thursday, a Franklin County grand jury charged Lawrence Nallie, who worked in Columbus from 1996 to 2003 and is thought to be living near Cleveland, with 35 counts of mishandling funds, adviser and securities fraud, theft and operating as an unlicensed investment adviser.
All the charges are felonies.
"There is a warrant for his arrest," Assistant Prosecutor Jeff Blake said. "The last known address we have for him is in Hudson, but he didn't respond."
The indictment began with a series of complaints from Nallie's clients to the Ohio Department of Commerce's Division of Securities.
Nallie was licensed by the state as a securities salesman from 1996 to 2003 and as an investment adviser from 1999 to 2003.
He operated Lawrence Nallie & Associates on E. Campus View Boulevard.
According to the Division of Securities, Nallie misled clients, committed fraud, made false representations and "sold securities that were not recorded on the regular books or records of Nallie's securities dealer whom he was licensed with and he had not obtained permission from the firm to sell securities."
Blake said Nallie at one time was an American Express financial-services representative, but the company let him go.
"It seems to have ended with a civil suit, them trying to keep him from using their name," Blake said, adding that American Express has cooperated fully with the investigation.
The Division of Securities issued a cease-and-desist order against Nallie on April 30 and filed four criminal complaints on June 17.
A summons was issued for a July 16 arraignment, but Nallie failed to appear and has ignored several subpoenas and court orders to testify, officials said.
(Columbus Dispatch)