74°
Baton Rouge, Louisiana
3 Day Outlook
Wed
84°
66°
10%
Thu
86°
67°
20%
Fri
87°
56°
20%

Latest Weather Blog

Follow our weather team on social media

Former broker accused of swindling almost $1M from clients

4 years ago Friday, January 28, 2011 1:53:47 PM CST January 28, 2011 Friday, January 28 2011 Jan 28, 2011 in News
Source: U. S. Attorney's Office

NEW ORLEANS – Federal authorities in New Orleans accused a former stock broker today of stealing almost a million dollars from his clients.

Michael Wooton, 45, of Metairie was charged in federal court with mail fraud, according to U. S. Attorney Jim Letten.

Prosecutors claim that starting in 2006, Wooton told his clients he would invest their money in bonds that would return 15 to 20 percent per year.  Authorities said he instead invested it in high-risk options, or simply stole the money and sent false monthly statements to hide it.

The victims are believed to have lost about $913,773.

If convicted, Wooton could face up to 20 years in prison, a $250,000 fine and three years supervised release.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
5 Days
Radar
Today
Partly Cloudy
83°
62°
Wed
Cloudy
84°
66°
Thu
Partly Cloudy
86°
67°
Fri
Partly Cloudy
87°
56°
Sat
AM Clouds / PM Sun
75°
53°