Former Dallas Securities Broker Faces Up To Five Years For Fraud
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DALLAS (AP) — An ex-broker in Dallas who promised double-your-money deals to some investors faces up to five years in prison for securities fraud.
Wade Lawrence must forfeit $1.5 million as part of his guilty plea Tuesday. The 43-year-old Lawrence also faces fines topping $250,000.
Federal prosecutors say Lawrence since 2008 worked for several securities firms and lost significant amounts of money. He falsely offered high-risk investments and vowed returns of 20 to 100 percent.
Prosecutors say Lawrence directed some investors to send funds to his personal account at a bank. Lawrence invested only a portion of the money from his clients, instead spending the funds on fancy jewelry, personal travel and living expenses.
Investigators say Lawrence obtained more than $2.1 million in the scam. He's already returned about $581,000 to investors.
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