Former Hyannis securities broker gets 8-12 for swindling clients
The Massachusetts Attorney General's Office announced Wednesday that former securities broker, 48-year-old Shane Selewach of Hyannis, was sentenced to 8 to 12 years in state prison after swindling his clients out of hundreds of thousands of dollars. Yesterday, a Barnstable Superior Court jury found Selewach guilty of six counts of larceny over $250, 6 counts of securities fraud and transacting business as an unregistered broker/dealer.
Following the verdict, Superior Court Judge Gary Nickerson sentenced Selewach to 8 to 12 years in state prison, followed by 10 years probation, according the the Attorney General's Office. During his period of probation, Selewach will be prohibited from working in a fiduciary role, or any job where he is a custodian of money. He is also required to disclose his prior conviction to future employers.
In addition to the sentence, the judge ordered Selewach to pay full restitution in the amount of $335,000 to his victims. According to a report in the Herald in 2009, Selewach used stolen money to fund trips and pay personal bills.
The Attorney General's Office began investigating Selewach in 2007 after the Massachusetts Securities Division discovered that he had misappropriated client funds. He was arrested on September24, 2009, arraigned and released on $20,000 bail. The following month, a Barnstable County Grand Jury returned indictments against Selewach, the Attorney General's Office said. He was then arraigned on November 5, 2009.
The trial in Barnstable Superior Court lasted 12 days and ended with a guilty verdict from the jury yesterday after only three hours of deliberation.
The case was prosecuted by Assistant Attorney General Michael Pine.
Source: Massachusetts Attorney General's Office.