Specifically, O’Brien caused one client to empty her Smith Barney brokerage account, then to borrow an additional $1 million on her home and give much of that money to O’Brien to invest. Finally, in order to perpetuate her fraud and conceal it from her clients, O’Brien made false statements and misrepresentations to clients, including by making lulling payments to clients and otherwise providing them with false assurances of their financial security. Instead, she used the misappropriated client funds for a variety of improper purposes, including paying personal expenses, paying purported investment returns, or repaying personal loans to other clients. After gaining control of her clients’ money, however, O’Brien made no such investments. As part of the scheme, O’Brien misappropriated funds entrusted to her through a variety of means, including persuading clients to withdraw money from their bank and brokerage accounts and give the money to her to invest on their behalf. Gorton scheduled sentencing for Aug.6, 2015.Īs alleged in the indictment, between 19, O’Brien defrauded several clients for whom she provided investment advisory services. O’Brien, 62, of Needham, pleaded guilty to three counts of mail fraud, two counts of wire fraud, and two counts of investment adviser fraud. BOSTON – A former Merrill Lynch and Smith Barney investment adviser already serving a federal prison term for investment fraud pleaded guilty on Tuesday, Apto additional fraud charges in connection with a nearly two-decade-long scheme to defraud clients of hundreds of thousands of dollars.
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