A Milton, Massachusetts broker, Arnett Waters, pleaded guilty to 16 counts of securities fraud, mail fraud, money laundering and obstruction of justice. He was sentenced to 17 years in prison in April. Arnett Waters is now in Federal Prison in North Carolina.

Recently, a settlement was reached in a civil case against Waters. Under this judgment, Arnett Waters and the two companies he controlled, A.L. Waters Capital LLC and Moneta Management LLC, are prohibited from violating the anti-fraud provisions of federal securities law, and were also ordered to return $839,000 in illegal profits, which is part of a restitution of $9 million ordered in the criminal case.

The SEC alleged that Waters and his companies raised approximately $780,000 from at least eight investors, one being Faith Lutheran Church of Quincy, where Waters was a member, by promising to invest it in securities. However, the money was spent on personal and business expenses. The church lost $500,000.

If you or a family member have experienced losses through your broker/financial advisor, call a Securities Arbitration Lawyer at Soreide Law Group for a free consultation on how to potentially recover your losses: 888-760-6552.