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Justice Department, SEC Charge 11 'Rogue' Stockbrokers in Crackdown.(Originated from The Miami Herald)
Dec. 1--Last year, South Florida stockbroker Gary B. Scher was banned for life by the National Association of Securities Dealers.
Now, federal regulators and prosecutors want to send him to prison. Scher, 47, a former Paine Webber broker from Plantation, was branded Thursday as one of 11 "rogue" investment brokers in 10 states by the U.S. Justice Department and Securities and Exchange Commission. Their objective: To send a "message" to brokers that prison will be the result if they are caught stealing from clients.
Between 1988 and 1994, Scher stole nearly $500,000 from clients while working for Paine Webber in Lauderhill and Fort Lauderdale, according to the FBI, …
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