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Rating:Ex-AEFA Advisor Faces Prison Time Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, September 12, 2005

Ex-AEFA Advisor Faces Prison Time

by: Theresa Sim

A former American Express Financial Advisors advisor was sentenced to three years of prison and ordered to pay restitution for stealing more than $400,000 from his clients, reports the Associated Press.

Arthur Davidson, a resident of Cherry Hill, New Jersey, forged mutual fund redemption forms, among other things, to steal assets from clients and overcharge for his services from June 2001 through October 2004, according to the AP.

AEFA -- now Ameriprise Financial Advisors -- discovered Davidson's activities through an internal audit and reported its findings to the New Jersey Board of Securities. AEFA paid a $5 million fine in June for failing to properly supervise its franchise holders.  

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