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Morgan Peabody CEO Used $9M To Line Pockets: SEC

Law360 (April 20, 2009, 12:00 AM EDT) -- The former owner and chief executive officer of broker-dealer Morgan Peabody Inc. misappropriated millions raised through three securities offerings for his own use, the U.S. Securities and Exchange Commission claims.

In a complaint filed Monday in the U.S. District Court for the Central District of California, the SEC alleges that David A. Williams directed registered representatives of Morgan Peabody to offer and sell debentures and promissory notes issued by his companies, WFG Holdings Inc. and Sherwood Secured Income Fund LLC.

Williams used much of the $9...
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