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Stockbroker in Broadway scam stole from clients - regulator

Nov 07 2012 Reuters

Wall Street's self-regulator has accused the man involved in one of Broadway's biggest frauds with stealing or rerouting at least $8.5 million from his brokerage clients. The charges, listed in a complaint filed Monday by the Financial Industry Regulatory Authority (FINRA), are the latest missive against Mark Hotton, a businessman and stockbroker who was earlier alleged to have fabricated investors to dupe the producers of "Rebecca: The Musical". The production team later sued Hotton. FINRA's department of enforcement alleged that Hotton, 46, had stolen at least $5.9 million from his clients since 2006. The charges, se parate from those connected with the musical, als o said Hotton caused at least $2.6 million to be wired from his clients' brokerage accounts at Oppenheimer Inc to his outside business activities and other entities and to individuals with whom Hotton was affiliated. During that time, Hotton allegedly forged signatures on letters of authorization, lied on third-party

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