A former North Canton securities salesman has been sentenced to five years in prison for stealing from the elderly in an investment fraud scheme involving unregistered securities.
According to court documents, William F. Morgan sold approximately $162,000 in unregistered securities to 15 investors, at least nine of whom were elderly. The sales were made after Morgan was terminated as a licensed securities salesman for failing to cooperate in a securities investigation.
Morgan told investors their investments were safe, secure, and couldn’t be lost. Instead of directly investing the funds as represented, however, Morgan deposited them into his personal bank account and used them for personal purposes.
Morgan pleaded guilty to the scheme on March 18, 2013. He was convicted on 44 criminal counts: six counts of grand theft, nine counts of theft from the elderly, 14 counts of selling unregistered securities, and 15 counts of securities fraud.