DeVon J. Carlson, a former broker for Overland Park, Kansas-based Waddell & Reed Inc., allegedly stole $235,000 from six different clients between 2005 and 2007, according to Kansas Securities Commissioner Marc Wilson.
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In addition, Carlson must also pay restitution of $231,000 to Waddell & Reed, which has already compensated the victims of the fraud, according to the news provider.
It is alleged that Carlson shifted funds from the accounts of his clients by forging withdrawal signatures. He then reportedly had the company liquidate the securities and send them to a company controlled by him, according to an October release by Commissioner Wilson.
According to the Securities and Exchange Commission, people who feel they may be victims of stock broker fraud can report such cases by completing forms on the SEC's Web site.