Heather Nicole Nolan, 31, of Altoona, Pennsylvania, was arrested yesterday for allegedly embezzling more than $100,000 from the municipality of Hollidaysburg Borough, where she had been employed in their finance office. A state audit showed that some $103,000 missing from January 2004 and last July. Specifically, Nolan has been charged with six counts each of theft by unlawful taking or disposition, theft by failure to make required disposition of funds received and misapplication of entrusted property. Details on how the misappropriation occurred have not been released.
Read the story here, here and here.
Showing posts with label misapplication of entrusted property. Show all posts
Showing posts with label misapplication of entrusted property. Show all posts
Wednesday, February 17, 2010
Sunday, December 21, 2008
New Jersey Man Arrested On Money Laundering/Ponzi Scheme Investment Fraud
Jeffrey Joseph Southard, 44, of Pittsgrove, New Jersey and a local investment broker, was arrested Friday and charged with defrauding investors out of some $1.3 million with a phony bond investment Ponzi-type scheme. Southard allegedly used the money to pay private school tuition, vehicles, mortgage costs and other personal expenses. According to authorities, Southard lured elderly investors in the area with promises of tax-free returns up to 11 percent, paying back some $400,000 on initial investments. Southard is specifically charged with money laundering, theft by deception, securities fraud and misapplication of entrusted property. He operated as a "from home agent" for GunnAllen Financial from 2003 to 2008, but has since been fired. The State of New Jersey has revoked his securities registration. Southard previously worked for American Express Financial Advisors (now Ameriprise), but left for GunnAllen when he faced charged of selling unregistered securities in 2003. Neighbors described him as a "nice, quiet man." Of course.
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