According to the States Attorney for the District of Maryland, a former LPL broker, Travis Wetzel, pled guilty to wire fraud and money laundering in a scheme that defrauded an elderly client.
According to the plea agreement, between July 2010 to September 2012, Wetzel transferred $1,282,224 from an elderly clients annuity account and used the funds for personal use. At the time, Wetzel was reportedly the operations branch manager. Wetzel allegedly made the transfers without authorization from the client, and knew the clients age and physical condition would facilitate repeatedly taking money from the client’s account.
Wetzel agreed to forfeit $1,282,244. He faces a maximum sentence of 30 years in prison for wire fraud and 10 years for money laundering.
Brokerage firms have a responsibility to adequately monitor their employees. When a broker is imprisoned for violating securities laws, the brokerage firm may be liable for negligent supervision and responsible for investment losses.
If you suffered losses as a result of investments made with Travis Wetzel and would like to discuss your litigation options, please contact The White Law Group at 312-238-9650 for a free consultation.
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 Vero Beach, Florida.
To learn more about the firm, please visit www.WhiteSecuritiesLaw.com.