SEC charges financial adviser with stealing client funds

Linus Unah – Fourth Estate Contributor

Washington, DC, United States (4E) – The U.S. Securities and Exchange Commission (SEC) Tuesday charged a Chicago investment adviser representative with misappropriating more than $900,000 from a client’s account through more than 40 unauthorized transactions.

The SEC’s complaint, filed in federal court in Chicago, alleged that William P. Carlson, Jr ., an investment adviser representative associated with a registered investment adviser, forged a client’s signature on check and journal requests.

Carlson’s actions caused checks to be issued from the client’s account to a third party who gave the proceeds to him, the SEC said.

“Carlson also directed that checks made payable to the client be issued from the client’s account, and then intercepted those checks, forged the client’s endorsement on those checks, and deposited the checks into his own account,” the SEC said in a statement.

The SEC seeks a permanent injunction, disgorgement , prejudgment interest, and civil money penalties.

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