SEC Bars Ex-Ohio Rep For Embezzling Client Funds, Ponzi-Like Payments

A former Florida registered rep has been barred from the securities industry after allegedly embezzling more than $260,000 from a client to pay his daughter’s college expenses, to reimburse other clients and to pay his own expenses.

James M. Unger, now of Boca Raton, Fla., formerly of Shaker Heights, Ohio, was barred by the U.S. Securities and Exchange Commission on Tuesday in an administrative proceeding.

 

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The commission’s bar comes after Unger pled guilty to multiple criminal counts of fraud and filing false tax returns in U.S. District Court for the Northern District of Ohio in March. Read More