Tewksbury Financial Adviser Charged with Bilking Client
TEWKSBURY -- A Tewksbury man has been charged with fraudulently misappropriating funds of a Peabody resident who had plans to retire.
On Thursday, Secretary of State William F. Galvin filed charges against Bruce Colin Worthington, a former financial adviser for withdrawing nearly $100,000 for his personal use from a client’s accounts over 13 years, according to a press release from Galvin’s office.
In addition to restitution, Galvin’s office is seeking censure, a cease-and-desist order, an administrative fine and an order to permanently bar Worthington from registering as an investment adviser representative or broker-dealer agent in Massachusetts.
According to the state, Worthington is representing himself. He could not immediately be reached for comment.
The state alleges Worthington allegedly convinced his client to diversify his investments and gave his client falsified documents showing that those investments had brought in substantial returns.
When his client was preparing to retire, Worthington allegedly stalled, telling his client that the funds were not ready for withdrawal and eventually stopped responding to his client, the release said.
According to the release, Worthington was also not forthcoming with his client about his employment. He allegedly did not inform his client when he was fired from his company, Commonwealth Financial Network, due to concerns about his credit history. According to the release, Worthington also did not tell his client when he then went to work for Founders Financial Securities for almost four years.
“The allegations laid out in our complaint are very serious,” Galvin said in the release. “In addition to doing everything we can to try to get this investor’s money back, my office will be referring this matter to federal law enforcement.”
According to the release, Worthington did not appear before the Securities Division when subpoenaed in December 2018.