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Broker rips off nun who took vow of poverty
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Former Legg Mason broker William Joseph Boyle has been barred from the business for defrauding a nun, according to the recent FINRA disciplinary report.
It came down like this:
FINRA found that Boyle deceived a 64-year-old nun into giving him two separate checks totaling approximately $531,000, which she believed would be deposited into accounts for her benefit. Instead, Boyle deposited one check into his personal joint bank account and the second into a mutual fund account held in his name.
The good news is that the nun had taken a vow of poverty (seriously). So Boyle probably expected an extra commission for helping her achieve her goal.
More seriously, Legg Mason refunded about half a million dollars to the nun although it was not a party to the action.
Other infractions by Boyle included defrauding a retired couple in 2006 and an 83-year-old widow in 2007.
News of the questionable activities came to FINRA near the end of 2007. It is now 2009.
Clearly, the wheels of justice turn slowly--if at all.
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