Former Wachovia Brokers Accused of Defrauding the Elderly

Two former Wachovia brokers preyed upon the elderly by getting them to invest in “can’t miss’ opportunities causing them to lose $8 million, according to the Securities and Exchange Commission (SEC). According to the complaint filed by the SEC, William Harrison (Pilot Mountain, NC) and Eddie Sawyers (Mount Airy, NC) “victimized unsuspecting investors” by misrepresenting investment opportunities to some 42 clients in 2007 and 2008, guaranteeing 35% returns. In fact, they “guaranteed” that the investments would make money regardless of market conditions. The brokers, who preyed on unsophisticated investors over 50 years of age or retirees living on a fixed income, resigned from Wachovia in October 2008. According to the Associated Press release about the SEC lawsuit filed in Charlotte, William Harrison in his letter of resignation “confessed his wrongdoings, stating that he had misdirected $6.6 million of his clients’ money.”

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