Call Now For a Free Consultation:
(614) 502-6165

Former Wachovia Broker Receives 6.5 Year Sentence for $8.4m Investment Scam

William Kevin Harrison, a former Wachovia securities broker, has been sentenced to over six years (78 months) in prison for stealing more than $7 million of client money for personal use. He has also been ordered to pay $8.41 million in restitution.

Harrison's sentence brings closure to a case that began in February 2010, when he was charged with devising and implementing an investment scheme designed to defraud more than two dozen account holders and Wachovia Securities out of millions of dollars. He pled guilty to federal mail fraud charges on Feb. 8, 2010.

For a period of just over three years, Harrison secretly withdrew funds from his clients' brokerage accounts and IRAs, and either deposited the funds into an account he opened under his wife's name or used the money for personal purchases, according to a DOJ news release issued by the office of the United States Attorney for the Middle District of North Carolina.

Most of the money ($7 million) was lost through speculative investments. Harrison used the rest of the stolen funds to build a new house, to purchase cars, and to pay for other personal expenditures. When the defrauded clients questioned Harrison about the transfers, he lied to them and said their funds had been deposited into new accounts opened under their names and would be deposited back into their regular accounts at a later time.

His sentence will begin on Sept. 16.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram