A former Massachusetts investment adviser rep, Bruce Worthington, was charged with fraudulently misappropriating or taking close to $100,000 from a client's accounts starting in 2006, according to a complaint filed Thursday by the Secretary of the Commonwealth William Galvin. Mr. Worthington allegedly stole the investment funds of a retiree, for his own personal use, according to Mr. Galvin's complaint.
The former broker allegedly concealed his scheme by convincing his inexperienced client to diversify his investments, and by presenting his client falsified documents showing that the diverted fund had generated substantial returns, according to the complaint.
Mr. Worthington was licensed with Commonwealth Financial Network from 1999 to 2013 and with Founders Financial Securities from 2013 through September 2018, according to his BrokerCheck report. Neither firm was charged in the matter by Mr. Galvin.
Mr. Worthington did not return a message Thursday afternoon to his office for comment.
The Securities and Exchange Commission last September reported it had opened an investigation into Mr. Worthington after "concerns arose" regarding his receipt and disposition of customer money prior to 2013, according to the BrokerCheck report.
The Financial Industry Regulatory Authority Inc. in December suspended him. That could eventually turn into Finra barring Mr. Worthington if he does not provide Finra with requested information, according to BrokerCheck.
"In addition to doing everything we can to try to get this investor's money back, my office will be referring this matter to federal law enforcement," stated Mr. Galvin in a press release from his office.