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Prosecutor: Ex-stock broker stole $1.6M, used it to buy home

August 9, 2018

MORRISTOWN, N.J. (AP) — Prosecutors say a former stock broker stole more than $1 million from two New York City residents and used the cash to buy a home in northern New Jersey.

Morris County prosecutors say 47-year-old David Seigerman faces two charges of theft by deception. They say he convinced two victims to transfer $1.6 million into a fake company he created in Florida.

Prosecutors say Seigerman used that money to buy a home in Morristown.

It wasn’t known Thursday if Seigerman has retained an attorney.

Prosecutors say Seigerman was barred from acting as a broker or otherwise being associated with a broker-dealer firm by the Financial Industry Regulatory Authority in 2016.

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