CO Stockbroker Charged with Securities Fraud

A former stockbroker living in Colorado has been arrested and charged with securities fraud and violating anti-fraud provisions of the Colorado Securities Act.

The securities fraud charges were levied against Clinton D. Fraley and his company, Wealth By Design, Inc., which is based in Englewood, CO. He allegedly allegedly launched his scheme by successfully touting an offer of a “well balanced portfolio of investments” consisting of Roth IRAs, traditional stock and bond investments, mutual funds, and non-qualified investments.

Using this method, Fraley was able to solicit hundreds of thousands of dollars from Colorado investors. He also was able to gain unauthorized access to the investors’ accounts, allowing him to forge the investors’ signatures on checks and converting money to use for his own personal benefit. This alleged act violated the Colorado Securities Act.

The charges against Fraley were announced by Colorado Securities Commissioner Fred Joseph. He also has obtained an emergency court order freezing the Fraley’s assets.

Proving that one should always be careful about who they choose to do business with, Fraley was hardly a novice in the investment industry. He was a licensed stockbroker until 2011 when his license was terminated.

If you or a loved one has been taken advantage of by a deceptive securities fraud scheme, there may be legal action you wish to pursue. Call Sokolove Law today to learn more about what is required to move forward with e stockbroker fraud lawsuit.  For legal help, call (800) 581-6358.

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