Former Ameriprise Financial Services Inc. broker Shane Selewach has been sentenced to eight to 12 years in prison after he was convicted of stealing more than $330,000 from his clients.
Selewach, 48, of Hyannis, Mass., was sentenced to Massachusetts state prison this week after he was found guilty of six counts of larceny over $250; six counts of securities fraud and transacting business as an unregistered broker dealer. Selewach was initially arrested in September 2009.
Following his prison term, Selewach will serve 10 years of probation. During that time, he will be barred from working as a fiduciary or a custodian handling money. Selewach is also required to disclose his conviction to prospective employers and pay $335,000 in full restitution to his victims.
Selewach was employed at Ameriprise from September 1997 through April 2006, according to his records with the Financial Industry Regulatory Authority. He was fired from Ameriprise in April 2006, and subsequently suspended from the Massachusetts Securities Division for three years in May 2006.
Selewach stole almost $350,000 from six investors in an investment scheme from July 2005 through November 2008, according to the Massachusetts Attorney General’s office. During that time, Selewach solicited investments in commodities, real estate or hedge funds. He then deposited that money into business and personal accounts and used it to pay for his mortgage, international travel and other personal expenses. Selewach also did not tell the investors that he was not registered as a securities broker, investigators said.
“Many people trust their hard earned money to a financial advisor because they expect he will make financial decisions in their best interest in order to ensure a more secure future for them and their families,” Massachusetts Attorney General Martha Coakley said in a statement. “Mr. Selewach took advantage of that trust for his own personal benefit and today he was held accountable for his actions.”
Neither Ameriprise nor Selewach’s lawyer were available for comment.