Wells Fargo Advisors Managing Director/Broker Sent to Prison for Fraud

A Wells Fargo Advisors investment adviser was sentenced to a two-year federal prison March 4th., 2013, for his role in an investment scheme in which he stole nearly $1 million in profits from trades executed on his clients' behalf.

Philip D. Horn, 51, a former managing director at the Westwood Village branch office of Wells Fargo Advisors (WFA) and formerly a licensed securities broker, pleaded guilty last September to a pair of wire fraud counts. Listed on FINRA's BrokerCheck, Philip D. Horn's CRD# 2238037 was employed by WELLS FARGO ADVISORS, LLC, CRD# 19616, LOS ANGELES, CA, from 02/2006 - 10/2011 .

In an article from City News Service, we learn that Horn admitted that he engaged in a scheme in which he obtained more than $730,000 through a series of trades that were executed in the accounts of clients that he managed and, if the trades proved to be profitable, were fraudulently "corrected" to remove the trades from the clients' accounts and "re-billed" to Horn's own accounts, prosecutors said. There were also other types of phony "correction" orders, including transferring unprofitable trades in his own account to the accounts of customers, court papers show. Horn executed the fake orders between April 2009 and October 2011, when he was fired by WFA.

Call and speak to a lawyer, at no cost, if you were a client of Philip D. Horn of Wells Fargo Advisors. Soreide Law Group, PLLC, represents investors nationwide before the Financial Industry Regulatory Authority (FINRA) and can be reached at 888-760-6552.