Maryland Stockbroker Indicted for Fraud

According to the US Attorney Office for the District of Maryland, former broker Travis Wetzel of Frederick, Maryland, was recently arrested following a federal grand jury indictment on charges arising from the illegal transfer of approximately $1.2million from a client’s annuity account between. Between July 2010 to September 2012, it is alleged that Wetzel transferred the funds without the clients knowledge, and used the money for his personal expenses. In addition, Wetzel allegedly laundered at least $376,444 of the money he took by transferring the money to other bank accounts he controlled.

According to The Frederick News-Post, the 24 count indictment charges Wetzel with wire fraud and money laundering,and lists 18 transactions from the client’s account that ranged from $8,177.16 to $40,000.  The charges purportedly arise while Wetzel was working as a branch operations manager at a Rockville investment firm, Research Financial Strategies.

Furthermore, according to FINRA’s BrokerCheck, during the relevant time, Wetzel was a registered representative for the broker dealer LPL Financial from 09/2006 – 08/2012. If a registered representative is found guilty of fraud, the broker dealer he worked for may be liable for negligent supervision and responsible for any losses.  The White Law Group is investigating the liability that Wetzel’s employers may have for his actions.