A Chicago stockbroker transferred $683,000 of his clients’ money to a shell company he created, gambled it on risky options trades, and lost nearly all of it, the SEC says in a suit filed in federal court in Illinois.
David Sheldon Wells, 32, confessed to the misdeeds in a resignation letter to the registered broker-dealer and investment advisory firm that employed him, the US Securities and Exchange Commission says.
He should be permanently barred from participating in securities sales, repay the funds, and pay civil penalties, the SEC says in its complaint, filed Tuesday in the US District Court for ...
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