According to reports, former financial adviser Bryan Carnahan who allegedly embezzled more than $265,000 from elderly clients was sentenced today to one day in prison and five years of supervised release.
Carnahan allegedly transferred $268,680 from the brokerage accounts of five clients ranging in age from 75 to 94 years old. According to court documents, he allegedly diverted most of the money to the accounts of other brokerage clients who posted losses in their municipal bond investments in order to make investment returns look better than they actually were.
Carnahan also allegedly deposited $38,266 into his personal checking account to pay for credit card and other bills.
One of the victims was purportedly terminally ill and has since died, as did two other victims. His grandmother was also among the five people he cheated, the prosecutor stated.
According to FINRA Broker Check, Carnahan was registered with Huntington Investment Company in Columbus, OH from. 02/19/1999 – 03/27/2015. He was discharged in March 2015 for his criminal conduct. He has seven disclosures listed on his FINRA Broker Report and was permanently barred from the securities industry in May 2015.
Carnahan’s received a sentence of one day in prison and five years of supervised release. His attorney requested the judge to go easy on Carnahan due to a mood disorder and depression which adversely affected his judgment during his time spent as a financial adviser, according to the documents.
Huntington Bank has reimbursed the victims and their estates, according to reports.
The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. For information on the firm please visit www.whitesecuritieslaw.com.
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