William Kevin Harrison, a former Wachovia securities broker, has been sentenced
to over six years (78 months) in prison for stealing more than $7 million
of client money for personal use. He has also been ordered to pay $8.41
million in restitution.
Harrison's sentence brings closure to a case that began in February
2010, when he was charged with devising and implementing an investment
scheme designed to defraud more than two dozen account holders and Wachovia
Securities out of millions of dollars. He pled guilty to federal mail
fraud charges on Feb. 8, 2010.
For a period of just over three years, Harrison secretly withdrew funds
from his clients' brokerage accounts and IRAs, and either deposited
the funds into an account he opened under his wife's name or used
the money for personal purchases, according to a DOJ news release issued
by the office of the United States Attorney for the Middle District of
Most of the money ($7 million) was lost through speculative investments.
Harrison used the rest of the stolen funds to build a new house, to purchase
cars, and to pay for other personal expenditures. When the defrauded clients
questioned Harrison about the transfers, he lied to them and said their
funds had been deposited into new accounts opened under their names and
would be deposited back into their regular accounts at a later time.
His sentence will begin on Sept. 16.