Hunted Broker Arrested With Loads of Cash

A stockbroker accused of disappearing with millions of dollars in client money was arrested at the Canadian border Friday, his pockets and luggage stuffed with more than $130,000 in cash, authorities said.

Walter Curran, 46, of Wellesley Hills, was captured after he raised the suspicions of a border guard as he tried to re-enter the United States from Canada at Massena, N.Y.

“It was a cold hit,” said Bob Johnston, port director for U.S. Customs at Massena, N.Y.

Customs officials and the U.S. Attorney’s Office in Boston said Curran was carrying $32,000 in U.S. currency in his pockets and had an additional $100,000 in currency in the luggage in the trunk of his car.

Curran was discovered missing after some clients came to the Dean Witter Reynolds investment firm last week demanding to see him, claiming that he had been privately handling their money. His co-workers had believed that he was off on a golf vacation.

Although initial reports said the broker may have fled with as much as $8 million, the firm now says $3 million may be unaccounted for. Curran is also being sued by Bank of Boston for more than $260,000 in bad checks.

A federal warrant was issued for his arrest Wednesday on charges of bank and mail fraud.

Johnston said the guard’s suspicions were aroused simply by Curran’s circumstances in coming to the out-of-the-way border crossing in a small town about 45 miles south of Ottawa.

“You’ve got a U.S. (citizen) and he’s not from the area. He’s driving a Canadian rented car. He’s going back to Boston. You’re looking at him in the eye and looking for certain reactions,” said Johnston in explaining why the guard was suspicious.

When Curran provided his Massachusetts driver’s license to prove U.S. citizenship, the officers checked his name in the computer and found that he was wanted in Boston.

Curran was charged with smuggling for failing to declare he was carrying more than $10,000.

A hearing was set late Friday afternoon before a U.S. magistrate in Watertown, N.Y.