Investment Adviser Admits Stealing From Clients
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ST. LOUIS (AP) - A St. Louis-area investment adviser faces up to 40 years in federal prison now that he’s admitted pilfering more than $1.8 million from client accounts.
Thirty-four-year-old Greg John Campbell of Ladue pleaded guilty Friday in federal court in St. Louis to two counts of wire fraud.
Authorities say Campbell was working as a Merrill Lynch financial adviser from mid-2006 through October 2011 when he diverted more than $1.4 million from client accounts to his own. One client was 86 years old with dementia.
After going to work for another wealth-management business, authorities say, Campbell stole an additional $360,000 from clients.
Prosecutors say he used the money for a down payment on a home, mortgage payments, lease payments on luxury vehicles, and living expenses.
Sentencing is set for Sept. 10.
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