Financial Services Industry
Industry: Email Alert RSS FeedGamble on ex-con rep backfires; Broker charged with $2.25M Ponzi scheme was under Lincoln's supervision till Dec.(News)
Investment News, March, 2006
Byline: Bruce Kelly NEW YORK - A registered representative and convicted felon affiliated with Lincoln Financial Advisors Corp. until December is facing charges of stealing $2.25 million from nine clients in a Ponzi scheme that went to pay his debts and expenses. The broker, Richard Daniels of Chagrin Falls, Ohio, was under special supervision at Fort Wayne, Ind.-based Lincoln Financial Advisors because of his checkered past - which includes being banned from the securities business.
He faces one count of securities fraud, according to a federal indictment, which was filed in U.S. District Court in Cleveland on March 7. The fact that a broker convicted on two counts of mail fraud in 1983 served as a licensed registered representative at Lincoln...
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