SEC Accuses Wachovia Brokers Of $8M Fraud Scheme

Law360, New York (December 16, 2010, 5:21 PM EST) -- The U.S. Securities and Exchange Commission has launched a lawsuit against two former Wachovia Securities LLC brokers accused of bilking customers out of at least $8 million.

In a complaint filed Wednesday in the U.S. District Court for the Western District of North Carolina, the SEC claimed William K. Harrison and Eddie W. Sawyers fraudulently misled at least 42 Wachovia customers with promises of a no-risk, high-reward investment opportunity.

“Harrison and Sawyers misrepresented the riskiness of their trading strategy by telling customers that they had a...
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