Man sentenced to 5 years for alleged stock broker fraud

San Antonio, TXA former stockbroker has been sentenced to approximately five years in prison for stock broker fraud charges accusing the man of stealing $1.4 million from investors.

span itemprop="image" itemscope itemtype="https://schema.org/ImageObject" style="display:block">Bruce E. Hammonds was also reportedly ordered to pay back $1.1 million in restitution to his former employer Merrill Lynch and about $60,000 to two clients he continued to defraud after he was fired from his job, the San Antonio Express-News reports. U.S. District Judge Xavier Rodriguez also stated the defendant would be placed under supervised release for three years once he leaves prison.

"My actions were deplorable, disgusting," Hammonds said to Judge Rodriguez during his sentencing trial. "I look back at that time and I wonder who that person was."

Hammonds added that he would like to pay back his victim "$2 for every dollar I took."

Through an investigation between the FBI and the Texas State Securities Board, it was found that Hammond allegedly defrauded his customers and pocketed the funds instead of investing the money. Hammonds pleaded guilty to two counts of securities fraud on February 18, 2009.