May 5, 2009
FINRA Bars Former Citigroup Broker for Defrauding Nun
FINRA announced today that it barred broker William Joseph Boyle from the securities industry for wrongfully converting and using funds from customer accounts and for failing to cooperate with FINRA investigators. Boyle's misconduct occurred both while he was working for Legg Mason Wood Walker, which was acquired by Citigroup in 2006, and at Citigroup.
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. Boyle similarly persuaded a retired couple and an elderly widow to give him additional checks totaling approximately $80,000 — which he again deposited into his own accounts, using the funds for his own benefit.
FINRA received information regarding Boyle's misconduct in November 2007. At about that time, Boyle refunded $50,000 to the retired couple. Of the approximately $531,000 that Boyle received from the nun, he refunded approximately $39,000. Legg Mason reimbursed the nun for the remainder of the money that Boyle had misappropriated and Citigroup reimbursed $30,000 to the elderly widow.
In settling this matter Boyle neither admitted nor denied the charges, but consented to the entry of FINRA's findings
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