How One Disgraced Local Broker Kept Getting (and Keeping) Other People's Millions
A couple of weeks ago we noted that 48-year-old Brion Randall is pleading guilty to bilking investors out of $6 million -- a plea he's expected to enter in Dallas federal court today, matter of fact. Hence this Wall Street Journal story today about Randall, yet another in a long string of pieces the paper's run about him since 2002, when, during the dot-com heyday, the former Merrill Lynch broker and current Plano resident cost his former company $1.5 million for trading clients' accounts without their OK.
Writes Kara Scannell, Randall's past -- which has included a four-month suspension from trading and a $10,000 fine -- didn't stop him from getting his hands on other people's money from '04 to last July, when, the feds say, he ran a fraudulent investment scheme out of his Dallas office that involved putting their money into accounts that simply did not exist. Says one woman who lost $1.3 million, Randall "was an angel who came in to help" during her divorce; he said he would take care of her money, but wound up keeping it all. Now it's up to a receiver to collect what he can.
But even after Randall pleas guilty today in front of U.S. Magistrate Judge Paul D. Stickney at the Earle Cabell, that won't be that. There's still this Securities and Exchange Commission civil action pending. In that case, Randall's representing himself.
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