Ex-Brokerage Manager Accused of Misusing Customers’ Money
A former assistant manager of a Newport Beach discount brokerage office was indicted Wednesday for allegedly taking investors’ money for his personal use.
The 14-count indictment, returned by a federal grand jury in Los Angeles, did not specify the amount of money allegedly misused by Marion Albert Arture, 39, of San Clemente. But officials with the Securities and Exchange Commission in 1983 indicated that Arture allegedly established a system in 1980 that netted him about $845,000.
Assistant U.S. Atty. Janet Goldstein said Arture was charged with 12 counts of securities fraud and two counts of mail fraud for incidents that occurred in 1980 while he was an assistant manager of the Newport Beach office of Charles Schwab & Co., one of the country’s largest discount brokerage firms.
The indictment also alleges that Arture gave unauthorized receipts and false trade confirmations from Schwab to the investors as proof that their money was safe.
Arture faces a maximum sentence of 70 years in prison and a fine of $122,000 if convicted on all counts, Goldstein said.
His arraignment is scheduled for June 3 in Los Angeles federal court.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
