A former Wells Fargo advisor was permanently barred from the brokerage industry last week for running what appears to be a Ponzi scheme, according to a story by SFGate, the website sister-site of the San Francisco Chronicle.
Michael Frew, a longtime Bay Area broker, allegedly solicited millions of dollars from friends, family and customers that he said he would invest with a real estate developer to rehabilitate properties in areas hit by natural disasters. But such investments were likely never made, said San Francisco attorney Cary Lapidus.
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