Former Ohio Securities Salesman, William F. Morgan, is Headed to Prison
for Stealing from the Elderly
A former North Canton securities salesman has been sentenced to five years
in prison for stealing from the elderly in an investment fraud scheme
According to court documents, William F. Morgan sold approximately $162,000
in unregistered securities to 15 investors, at least nine of whom were
elderly. The sales were made after Morgan was terminated as a licensed
securities salesman for failing to cooperate in a securities investigation.
Investors believed they were investing in MA & P Partnership, which
William Morgan organized and managed.
Morgan told investors their investments were safe, secure, and couldn’t
be lost. Instead of directly investing the funds as represented, however,
Morgan deposited them into his personal bank account and used them for
Morgan pleaded guilty to the scheme on March 18, 2013. He was convicted
on 44 criminal counts: six counts of grand theft, nine counts of theft
from the elderly, 14 counts of selling unregistered securities, and 15
counts of securities fraud. To learn more about the scheme, read our original
post on the
investment fraud charges against William Morgan here.