{"id":4647,"date":"2008-08-15T12:54:41","date_gmt":"2008-08-15T12:54:41","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/08\/sec_charges_former_stockbroker_1"},"modified":"2021-11-12T13:08:51","modified_gmt":"2021-11-12T19:08:51","slug":"sec-charges-former-stockbroker-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-charges-former-stockbroker-1\/","title":{"rendered":"SEC Charges Former AG Edwards and Bank of America Broker With Misappropriating $1.3 Million from Customers"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission has filed a complaint charging Brent S. Lemons, a former AG Edwards Inc. and Bank of America<\/a> Investment Services Inc. stockbroker, with misappropriating over $1.3 million from at least three clients. He allegedly used the money to pay off his gambling debts.<\/p>\n

The Commission is accusing Lemons of violating Section 10(b) of the Securities Act of 1934 and Rule 10b-5 there under. The SEC says that Lemons, who managed the financial affairs of certain customers, had clients sign brokerage and bank documents in blank. The former stockbroker allegedly then told them he would use the documents to liquidate securities in their accounts and reinvest any proceeds in instruments that were higher yielding. <\/p>\n

The SEC is seeking a permanent injunction against Lemons, as well as disgorgement with prejudgment interest and a civil penalty. He also faces criminal charges related to his alleged misconduct. <\/p>\n

Broker Misconduct<\/strong>
\nIt is wrong for a stockbroker to misappropriate investor funds for personal use. If you have lost money because of broker misconduct, our stockbroker fraud lawyers can help you determine whether you have grounds to file a claim to get your money back.<\/p>\n

Examples of common claims involving broker misconduct: <\/p>\n

\u2022\tUnsuitability \u2022\tMisrepresentation \u2022\tOverconcentration \u2022\tOmissions \u2022\tChurning \u2022\tFailure to Supervise \u2022\tFailure to Execute Trades \u2022\tBreach of Fiduciary Conduct \u2022\tBreach of Contract \u2022\tNegligence \u2022\tBreach of Promise \u2022\tMargin Account Abuse \u2022\tUnauthorized Trading \u2022\tRegistration Violations
\nRelated Web Resources:
\n<\/strong>
\nSEC Charges Brent Lemons, Former Registered Representative From Tyler, Texas, With Fraud<\/a>, SEC.gov
\nRead the SEC Complaint<\/a> (PDF)
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has filed a complaint charging Brent S. Lemons, a former AG Edwards Inc. and Bank of America Investment Services Inc. stockbroker, with misappropriating over $1.3 million from at least three clients. He allegedly used the money to pay off his gambling debts. The Commission is accusing Lemons of violating Section […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773],"tags":[],"class_list":["post-4647","post","type-post","status-publish","format-standard","hentry","category-broker-fraud"],"yoast_head":"\nSEC Charges Former AG Edwards and Bank of America Broker With Misappropriating $1.3 Million from Customers — Investor Lawyers Blog — August 15, 2008<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has filed a complaint charging Brent S. 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