June 2017-Beaumont, Texas
Lawrence A. DeShetler, a certified financial planner from the the Woodlands, Texas, pleaded guilty mail fraud according to a release from the Department of Justice for the Eastern District of Texas.
According to the Texas State Securities Board, DeShetler fraudulently obtained $1.9 million from five of his advisory business clients who were convinced to withdraw money from their investments and give it to DeShetler who promised them higher returns.
One client was convinced to liquidate her IRA of over $700,000 and transfer the funds to DeShetler who spent the money on restaurant bills, country club fees, clothing and other personal expenses.
DeShetler was arrested in August 2016. He faces up to 20 years in federal prison.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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