August 19, 2010, 06:00:00AM. By Charles Benson

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Ballston Spa, NY: A number of former clients are suing a stockbroker who was found liable for $1.9 million in a prior stockbroker arbitration case.

The latest lawsuit alleges that Mark Casolo embezzled $1.5 million from a number of clients between 2007 and 2009, according to the Albany Times Union.

Specifically, the lawsuit accuses Casolo of moving money from his clients' accounts into bank accounts for a number of "sham" corporations that he set up. The suit further alleges that Casolo put the pilfered funds in a number of restaurants in upstate New York.

Casolo had been accused of misconduct before. Earlier in 2010, Casolo was found to be liable in a stockbroker arbitration case for $1.9 million, stemming from his time with the Albany-based McGinn, Smith & Co., which the Security and Exchange Commission is currently investigating, reports the news source.

Casolo recently was forced to file for bankruptcy protection.

Among the ex-clients suing Casolo are a 78-year-old widow and a former school bus driver.

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