Former Securities Firm Owner Arrested Over Fraud

Law360, New York (November 16, 2011, 8:29 PM EST) -- A former part owner of Vision Securities Inc. was arrested Wednesday on charges that he bilked investors out of $485,000, while the U.S. Securities and Exchange Commission hit him with a related administrative action the same day.

Daniel Gallagher, who was also a registered representative of the Port Washington, N.Y.-based broker-dealer, was arrested in Boca Raton, Fla., over the alleged investment fraud, according to federal authorities. If convicted of the wire fraud charges filed against him in New York federal court, Gallagher faces a maximum sentence...
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