Wedding Singer Ran $4.7M Investment Fraud, SEC Says

Law360, New York (August 28, 2013, 4:03 PM EDT) -- The U.S. Securities and Exchange Commission has launched fraud claims against an Oklahoma financial adviser who moonlighted as a wedding singer and allegedly used his community ties to bilk investors of $4.7 million, according to a Tuesday complaint.

The suit in Oklahoma Federal court claims Tulsa resident Larry J. Dearman Sr. funneled client money into various businesses owned by Marya Gray, a friend and co-defendant. The pair spent most of the funds on gambling, personal expenses and other fraudulent payments, while Dearman stole an additional $700,000...
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