Newsletter Signup

Search Our Blog

They Never Learn – SEC Seeks to Bar Broker Who Stole $2 Million from Trusted Clients

By Erwin J. Shustak Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 15, 2014.

The SEC today announced it was taking steps to bar a former stockbroker and investment adviser who stole $2 million from trusting clients.  In 2013 FINRA barred Marshall from associating with any broker-dealer member firm.  Last year, the SEC charged Marshall and his investment advisory firms, Bridge Securities and Bridge Equity, Inc., with purloining $2 million for his personal use which he spent on luxury vacations, child support, alimony, private school and summer camps  for his kids and other, personal goodies.  On September 16th, Judge Timothy Batten found Marshall liable for $1.5 million in disgorgement of profits he gained as a result of his illicit scheme.
Marshall began his career at PaineWebber in 1989 and obviously went downhill from there.

Brokers and investment advisers are fiduciaries under many state laws (including California) and federal statutes.  Entrusted with other people’s money (the old “OPM”), however, rogue brokers and investment advisers quickly forget the money is not theirs to spend as they want.  Although, in this case, Marshall was caught; thrown out of the securities industry and ordered to pay restitution, it is doubtful his victims will see any money from him.

Shustak Reynolds & Partners, with offices in New York and California, has a national reputation for helping victims of dishonest brokers and investment advisers recover their losses.  If you, or anyone you know, believes they may have been victimized by a rogue, dishonest broker, contact the firm, attention Erwin J. Shustak, Esq., managing partner.  More information can be found at www.shufirm.com

Share This Article linkedin