Ex-Dallas Securities Broker Gets 3 Years In Prison For Fraud

Follow CBSDFW.COM: Facebook | Twitter

DALLAS (CBSDFW.COM/AP) — A former North Texas securities broker who falsely promised double-your-money deals to some investors must serve three years in prison for fraud.

Wade Lawrence was sentenced Wednesday afternoon in federal court in Dallas. Lawrence must also repay more than $1.5 million.

The 43-year-old Lawrence in September pleaded guilty to securities fraud in a case that prosecutors say involved investments spent on his personal items.

Investigators say Lawrence since 2008 worked for several securities firms and lost significant amounts of money. He falsely offered high-risk investments and pledged returns of 20 to 100 percent. In all, investigators say Lawrence obtained more than $2.1 million in the scam.

Prosecutors say clients sent money to what turned out to be Lawrence's personal bank account. He spent the misappropriated funds on personal living expenses, travel and expensive jewelry.

(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)