Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Two Former Wachovia Employees Charged With Securities Fraud

Last month, the SEC filed a civil injunctive action against two former Wachovia employees. According to the SEC Litigation Release, the complaint charged William K. Harrison and Eddie W. Sawyers with securities fraud and alleged that the two men defrauded at least 42 Wachovia customers from December of 2007 to October 2008.The complaint further alleged that the men (as Harrison/Sawyers Financial Services) solicited Wachovia customers to invest in a securities product, which they misrepresented as having zero risk and a guaranteed 35% rate of return. The men were also accused of misleading customers about their investment strategy with claims that they "had a foolproof approach to trading options and that their principal investment was secure and would make handsome returns regardless of market volatility," according to the Litigation Release.In an assumed attempt to keep the scam hidden, the men put much of the documentation and many of the bank accounts associated with the scam in the name of Harrison's wife. While the investment was initially successful, by October of 2008 many investors had suffered substantial losses and most of the money Harrison and Sawyers had raised was gone.As reported in the Release, in his Oct. 13, 2008 Wachovia resignation letter, Harrison admitted to "misdirecting" $6.6 million from his Wachovia customers without their prior authorization. No further actions have been taken by the SEC as of yet.

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
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

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

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

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