The former stockbrokers pleads guilty to defrauding customer $ 43,000
54, a former broker pleaded guilty to defrauding a client of $ 43000th.Marie milk Circuit Judge Alfred T. sentenced yesterday to five years, Mr. Patten for the regime of probation. It would have been there 10 years behind bars, but was concluded for a trial period because it has no criminal record.
The State Securities Commissioner Patten revoke his driving licence and imposed a $ 34500 administrative penalty. It was as a seller of securities to Hawaii by Edward D. Jones & Co. LP, where he was held in May 1995 to June 1996.
After a plea agreement with the State, Mr. Patten was convicted of first-degree theft and fraud third and took particular money laundering dropped.It expressed its willingness to repay $ 2300 cost the extradition of the State of California and Pay $ 2000, visitors Aloha Society of Hawaii, which assists victims of crime. It has also been designated a letter of apology to his former client.
The State with the brokerage firm, repayment of $ 43000 score, they lost, along with $ 12500 Department of Commerce and Consumer Affairs’ Compliance Resolution Fund.
In October 1995, Patten has convinced a client on the resignation of $ 43,000 from their account to invest in another type of investment, he said it was more profitable, “said Deputy Prosecutor Randal Lee said.Mr Patten has used the money to open a personal account on which he paid for supplies and personal expenses.
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