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Tower Square Broker David Faubert Alleged To Have Defrauded Clients
The SEC and state securities regulators allege that Connecticut broker Faubert misled clients as he established fictitious customer accounts and issued fictitious account statements to defraud his trusted clients of about $4 million.
The scheme involved Faubert's convincing clients to transfer money from legitimate mutual funds to "fixed accounts" with an 8% guaranteed return. Assets have been frozen.
Faubert worked for and was under the supervision of Tower Square Securities, Inc., a unit of Citigroup.
Source: Connecticut Department of Banking and Securities
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