Santa Monica : Stockbroker Pleads Guilty
A Santa Monica stockbroker has pleaded guilty to defrauding elderly clients while working at the Prudential-Bache securities firm, the U.S. attorney’s office said.
Michael T. Donine, 31, pleaded guilty late Tuesday to four counts of mail fraud. He admitted that he diverted funds from the accounts of three customers into accounts that he controlled by preparing false documentation that showed the clients had authorized the transfers, according to Assistant U.S. Atty. Ronni B. MacLaren. She said Donine used the stolen funds for his personal benefit.
Donine faces a maximum penalty of 20 years in prison and $1 million in fines. He is scheduled to be sentenced in federal court April 20.
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