Broker Gets 32 Months For Swindling Clients

Law360, New York (January 6, 2011, 7:18 PM EST) -- A Kansas judge sentenced a former stockbroker at Waddell & Reed Financial Inc. on Thursday to 32 months in prison and ordered him to pay restitution of $231,000 for allegedly stealing money from clients.

DeVon J. Carlson, who pled guilty in October to two counts each of securities fraud, theft and forgery, was sentenced by Judge John P. Bennett of the Johnson County District Court in Kansas.

In addition to the prison term and restitution payment, Carlson has agreed to be permanently barred from associating with...
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