Loading…
Friday, August 01, 2014
Current Weather
Loading Current Weather....
HomeNewsLocal
Published: Friday, 4/1/2005

Erie County man sentenced for mishandling funds

SANDUSKY - An Erie County investment adviser was sentenced yesterday to four years in prison for mishandling more than $90,000 in client funds and stealing more than $86,000 from a Perkins Township condominium association.

Steven R. Lee, 54, of Perkins Township was given concurrent four-year terms for mishandling of funds as an investment adviser; attempting mishandling of funds as an investment adviser; attempted engaging in fraud as an investment adviser, and theft, all third-degree felonies. He also was given a concurrent 16-month prison term for a fourth-degree felony charge of theft during his sentencing by Judge Roger Binette of Erie County Common Pleas Court.

According to authorities, Lee mishandled $90,642 in investor funds by placing the money in a personal account instead of clients' brokerage accounts. In addition, Lee took $6,000 from an elderly neighbor without buying an agreed-upon security and stole $86,675.24 from the Timber Lakes Condominium.

Lee was indicted on 15 related accounts in November, 2003, and pleaded guilty as part of a plea bargain in February.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.






Poll