Former broker accused of swindling almost $1M from clients
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.