SEC Proceedings Set Against Ex-Broker

The Securities and Exchange Commission said it has started proceedings against a former Smith Barney broker accused of misdirecting checks totaling $245,459 from at least 22 customers. In its administrative proceedings against Kerrigan Sean Weber, 51, the SEC accused him of allegedly misdirecting about 30 checks from 22 customers from June 1989 through November 1993. Upon receiving checks from some of his customers, many of whom were elderly, Weber, allegedly a registered representative working in the firm’s Carlsbad office, deposited those checks into the accounts of other favored customers, according to the agency. An SEC official said Smith Barney terminated Weber’s employment in November 1993 and had reimbursed the affected customers. Weber’s attorney could not be reached for comment.