Printer Friendly

FORMER MERRILL LYNCH BROKER PLEADS GUILTY TO EMBEZZLEMENT

 BOSTON, Nov. 15 /PRNewswire/ -- A former Merrill Lynch financial consultant pleaded guilty to embezzling funds from her clients' accounts in an amount totalling over $300,000.
 United States Attorney A. John Pappalardo today announced that Linda J. Bustin, 45, of 15 Larsen Lane, Stoneham, Mass. pleaded guilty before United States District Judge Douglas P. Woodlock to 24 counts of mail fraud.
 At the plea hearing, a federal prosecutor stated that had the case gone to trial the evidence would have shown that Bustin, as a financial consultant and stockbroker in the Burlington office of Merrill Lynch, caused Merrill Lynch checks to be issued on client accounts, got possession of the checks, forged the endorsement, and deposited them into a bank account she had set up in both her and the clients' names. In one of her schemes, Bustin filled out a bogus change of address form for a client (without the client's knowledge) and thereby changed the client's mailing address to a post office box she had set up in her and the client's names. Bustin then requested Merrill Lynch to issue a check to the client which was mailed to the post office box where Bustin retrieved it. Bustin then forged the endorsement on the back of the check and deposited it into her own account. When the client asked why she was no longer receiving a monthly statement, Bustin falsely told the client that she did not receive a statement because there was no activity in the account.
 In this way and by the use of other schemes, Bustin was able to take money out of her clients' accounts without their knowledge. Bustin chose particular clients to defraud because they were elderly and/or infirm and would not notice money missing from their account. In all, Bustin defrauded approximately 12 clients of over $300,000.
 Merrill Lynch notified authorities when it discovered problems in client accounts and has cooperated fully with the investigation; thus far, it has reimbursed all of Bustin's clients in full.
 The case was investigated by Special Agents of the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorney Jonathan L. Kotlier of Pappalardo's Economic Crimes Unit.
 -0- 11/15/93
 /CONTACT: Press Officer of the U.S. Attorney's Office, 617-223-9445/


CO: U.S. Attorney's Office; Merrill Lynch ST: Massachusetts IN: FIN SU:

CM -- NE030 -- 4724 11/15/93 17:42 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 15, 1993
Words:401
Previous Article:GOLDEN GLOVES MOVES TO FOXWOODS HIGH STAKES BINGO AND CASINO
Next Article:ENVIRONMENTAL REPORTING MOVING INTO THE MAINSTREAM
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters