Ballston Spa, NYA number of former clients are suing a stockbroker who was found liable for $1.9 million in a prior stockbroker arbitration case.
The latest lawsuit alleges that Mark Casolo embezzled $1.5 million from a number of clients between 2007 and 2009, according to the Albany Times Union.
Specifically, the lawsuit accuses Casolo of moving money from his clients' accounts into bank accounts for a number of "sham" corporations that he set up. The suit further alleges that Casolo put the pilfered funds in a number of restaurants in upstate New York.
Casolo had been accused of misconduct before. Earlier in 2010, Casolo was found to be liable in a stockbroker arbitration case for $1.9 million, stemming from his time with the Albany-based McGinn, Smith & Co., which the Security and Exchange Commission is currently investigating, reports the news source.
Casolo recently was forced to file for bankruptcy protection.
Among the ex-clients suing Casolo are a 78-year-old widow and a former school bus driver.
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