While working at a Jiffy Lube in Mashpee, McLellan met a woman who was having her car serviced. At some point, they discussed the stock market, and he later identified himself as a broker with a nonexistent firm.
Ultimately, the woman gave him $50,000, and McLellan “retained a significant percentage of those funds for his personal purposes."
On March 30, McLellan told the woman that he had lost all her money.
According to the State of Massachusetts complaint, “He deposited the remaining funds into his personal brokerage account and, primarily as the result of his trading them on margin, subsequently lost the money in the market over a six-month period.”
The Massachusetts Securities Division is seeking an accounting and compensation to the investor for losses resulting from the wrongdoing.
Source: Boston.com
The information contained in this article does not constitute a recommendation, solicitation, or offer by D2 Capital Management, LLC or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. D2, its clients, and its employees may or may not own any of the securities (or their derivatives) mentioned in this article.
The Jacksonville Business Journal has ranked D2 Capital Management in the top 25 of Certified Financial Planners in Jacksonville. The Firm is also a member of the Financial Planning Association of Northeast Florida, the Jacksonville Chamber of Commerce, the Southside Businessmen's Club, and the Beaches Business Association.
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