Frederick McMenimen III, a former advisor with Pruco Securities LLC, a broker-dealer and investment advisor in Portsmouth, N.H., has been permanently barred from the financial business for cheating three elderly clients out of $1.4 million, the SEC announced Friday.
McMenimen is in federal prison on criminal mail fraud, money laundering and income tax evasion charges from the scheme, for which he was sentenced to 42 months in prison after pleading guilty.
McMenimen convinced the clients to liquidate their annuities and other investments and entrust them to him. He used the money for himself and did not report it to the IRS, the SEC complaint says.