Broker Fraud

Baltimore, MD: (Jan-26-08) Several investors brought charges against Baltimore brokerage Ferris Baker Watts Inc., alleging that they were victims of an investment fraud that a former broker at the firm played a part in. Former Ferris client David Dadante has already pleaded guilty to criminal fraud charges for his role in a Ponzi scheme that cost investors about $28 million. He engaged in repeated illegal stock trades with the help of a Ferris broker, Stephen Glantz, who has also pleaded guilty. The suit stated that Ferris was responsible for some of the investors' losses. Sources close to the case stated that the company has offered a $16 million settlement to resolve the suit. The proposed settlement would resolve disputes with about 100 victims of the fraud. [WJN NEWS: BROKER FRAUD]

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Published on Jan-28-08