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Written by 2:13 pm Blog, Securities Fraud Articles

David E.A. Seagren Withdraws Guilty Plea

Former broker arraigned on more than 50 felony and who plead guilty to charges that he stole money from an elderly client would like to change his plea.

According to the Meadville Tribune, “on Nov. 13, 2014, David E.A. Seagren pleaded guilty to a total of eight charges in the case — six counts of theft by deception and two counts of forgery.” As part of the plea agreement, Seagren was facing up to 62 years in prison and $140,000 in fines.

Seagren told reporters, “”I want to withdraw the plea because I was pressured into it.”

Allegedly, between February and 2011 and December 2013 , Seagren allegedly wrote checks to himself from the checking accounts of an elderly client totaling more than $180,000.

It is unclear if Seargan has the funds to repay his client. However, the brokerage firm that employed Seagran may be liable if he is found guilty.

According to BrokerCheck, Overbey was a registered representative with Ameriprise Financial Services from 08/1990 to 08/2006.

Brokerage firms have a responsibility to adequately monitor their employees. When a broker steals from clients, the brokerage firm may be liable for negligent supervision and responsible for investment losses.

If you suffered losses as a result of investments made with David E.A. Seagren and would like to discuss your litigation options, please contact The White Law Group at 312-238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

To learn more about the firm, please visit www.WhiteSecuritiesLaw.com.

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