A former LPL Financial broker was sentenced on Oct. 2 to five years in prison for one count of securities fraud, five years in prison for one count of aggravated theft and five years in prison on one count of identity fraud, for a total of 15 years, David P. Fornshell, Warren County, Ohio prosecutor, announced.
Patrick Noel Thayer defrauded a Warren County client, stealing more than $1.31 million from her investment proceeds, according to Fornshell.
Patrick Noel Thayer was also ordered to pay a balance of over $1 million in restitution to the cleient, Fornshell said.
In 2013, Thayer, 48, of Lebanon, Ohio, opened a bank account in the client's name without her knowledge or consent, according to Fornshell. He then started selling securities from her brokerage account and transferred the proceeds to the new bank account, from which he used the proceeds for his own personal expenses.
Those expenses included a down payment on his home, mortgage payments, car loans, credit card expenses, and the purchase of a "tiny" house in Colorado for a family member, according to Fornshell.
LPL didn't immediately respond to a request for comment on Monday.
