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Article: Ex-GunnAllen, Ameriprise broker could serve 23 years in prison; Jeffrey Southard pleaded guilty to mail fraud and filing a false tax return.(News)
- Article from:
- Investment News
- Article date:
- June 22, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bruce Kelly
A former GunnAllen Financial Inc. and Ameriprise Financial Services Inc. broker pleaded guilty this month to two federal charges, one of mail fraud and the other of filing a false tax return, and he faces up to 23 years in prison when he is sentenced in September.
According to court documents, Jeffrey Southard stole $1.83 million from at least 14 clients who believed they were buying tax-free bonds dubbed "Ohio bonds and "Bank of America bonds with guaranteed returns of 6% to 10%. In reality, the securities didn't exist. Mr. Southard also owes $112,534 in back taxes.
On June 12, Mr. Southard, 44, entered the plea in U.S. ...