Bruce E. Hammonds, 49, of Boerne, Texas and a former stockbroker with Merrill Lynch & Co. in San Antonio, Texas, plead guilty to charges he took more than $1 million in client investments for his own benefit. Hammonds admitted that over the course of approximately 2 years, beginning in 2006, he transferred client investment funds to a partnership he controlled without their knowledge or authorization. Instead, he used the money for himself and his family, according to prosecutors. Hammonds faces up to 10 years in prison.
Read the story here and here.
Read the DOJ's indictment announcement here.
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