May 2, 2014 Comments (0) Blog, Securities Fraud

Former Broker Allegedly Steals from Elderly Client

(Last Updated On: July 17, 2015)

According to the Meadville Tribune, former broker David E.A. Seagren was recently arraigned on more than 50 felony charges. Seagren allegedly stole more than $180,000 from an 97-year-old client between 2011 and 2013. The charges include theft by deception, theft by unlawful taking and forgery.

The report alleged that checks written to Seagren from the client’s account were not authorized and some of the checks were deposited into his own personal bank account. The alleged crimes were first detected by Seagran’s business partnerwho found copies of the check and contacted an attorney. According to the Meadville Tribune, in an interview with detectives the client said “Seagren told her he was paying her bills for her and that she had an idea that he was writing himself checks.”

During the relevant time, Seargen appears to have been a broker with a firm registered with the Financial Industry Regulatory Authority (FINRA). When a FINRA registered broker, like David Seargen, misappropriates funds from clients and violates securities laws the brokerage firm may be liable for negligent supervision of their broker and responsible for negligent supervision.

According to FINRA’s BrokerCheck, Seargen worked with brokerage firms in Pennsylvania, including Fortune Financial Services from 01/2006 – 01/2014, Financial Network Investment Corporation from 10/2005 – 12/2005, and Blue Vase Securities 10/2001 – 10/2005.

If you have concerns about investments you made with Seagren, the securities attorneys of The White Law Group may be able to help. For a free consultation, call the firm’s Chicago office at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.

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