Colorado AG Accuses an Ex-Broker of Mutual Fund Theft
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Monday, March 18, 2013

Colorado AG Accuses an Ex-Broker of Mutual Fund Theft

A former financial service pro is being charged with stealing from people's mutual funds, reports Mark Harden with the Denver Business Journal.

Clinton Dee Fraley is facing 46 felony charges and is alleged to have stolen $532,000, the story notes.

Fraley had previously worked at firms including Northwest Mutual and MassMutual. He was fired by MassMutual in 2011.

Due to an error, though, he was still listed as being able to access accounts at American Funds [profile], according to the story.

Harden cites the arrest affidavit for these details.

“Fraley stole money one client inherited from her deceased grandparents and entrusted him to invest,” Colorado attorney General John Suthers said in a statement. “That began his pattern of using people’s savings for his own personal use and entertainment.”

Fraley is being held on $500,000 bond.

Check out the original article here.

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