ST. LOUIS, MO. – A suburban St. Louis investment adviser has been sentenced to three years in prison for defrauding investors, costing them hundreds of thousands of dollars.
The St. Louis Post-Dispatch reports that 61-year-old William Glaser of Ellisville, Missouri, also was ordered to repay $1.5 million during sentencing Friday in U.S. District Court. The money will be repaid to three clients and his former employer, National Planning Corp., which repaid some money to one of the clients.
Glaser pleaded guilty in February to wire fraud.
Glaser solicited over $1 million in investments that went to a man whose construction company was liquidated by creditors, falsely telling clients he had put his own money into the construction company. He also failed to disclose that he was receiving large commissions out of his clients’ funds.