Ex-Stockbroker Sentenced for Defrauding the Elderly
A former Long Beach stockbroker was sentenced to 27 months in prison Monday for defrauding five elderly investors who contributed a total of $200,000 toward a bogus real estate venture.
Investigators said Richard R. Whatley solicited investments for a false real estate partnership named Enterprises Inc. while working at the Long Beach office of Prudential Securities between 1991 and 1992. Prudential was not associated with the illegal conduct, they said.
Whatley, who left Prudential in 1992 and has since moved to Bountiful, Utah, where he operates a clothing store, was convicted in May on three counts of mail fraud and one count of interstate transportation of stolen funds, Assistant U.S. Atty. Marcellus McRae said.
Whatley is scheduled to surrender to authorities Sept. 22.
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