Business & Tech
Secretary of State: Ladue Investment Advisor Took $1.5 Million From Clients
Securities regulators are taking action against Greg John Campbell,a former employee of Creve Coeur firm LPL Financial, who they say made fraudulent transfers to pay for personal expenses.
State securities regulators are taking action against a Ladue investment advisor who allegedly made unauthorized transfers of more than $1.5 million from the accounts of his clients.
Greg John Campbell used the money to pay for his own personal expenses, including loan payments on houses in St. Louis Boston, payments on a BMW car lease and payments to other clients, according to a petition filed by Missouri Secretary of State Jason Kander.
It alleges that Campbell used fraudulent documents to authorize the transfers and that his victims included an 86-year-old client who suffers from dementia and is currently residing in an assisted living center.
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The St. Louis Post-Dispatch reported that Campbell worked with LPL Financial in Creve Coeur from 2011 to last November and had formerly worked for Merrill Lynch and AG Edwards.
Kander is seeking to bring up to $35,000 in penalties against Campbell along with possibly paying restitution and disgorging the money he received.
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