Tewksbury Advisor Accused Of Scamming Peabody Retiree

PEABODY, MA -- The Massachusetts Secretary of State's Securities Division claims an investment adviser from Tewksbury stole more than $100,000 from his client over a 12-year period. The complaint, released Thursday, claims Bruce Worhtington, 51, of 5 County Road in Tewksbury, scammed a 65-year-old retired landscaper from Peabody.

The new allegations come after the U.S. Securities and Exchange Commission opened an investigation into Worthington last year. In September, Worthington was fired from his job as broker and financial adviser by Founders Financial Securities of Middleton for breaking Financial Industry Regulatory Authority rules.

The SEC investigation remains open and is looking into "concerns" about his "receipt and disposition" of client money before 2013. It's not clear if the SEC is looking at the same incident outlined in the Secretary of State's complaint.

The Secretary of State's complaint says Worthington diverted money from the client's investment account for his own personal use while telling the Peabody man that the money was being used for legitimate investment purposes. Worthington also never told his client that he had been fired by the investment firm he worked for in 2013 when the company grew concerned over his personal financial difficulties.

Worthington lost his house to foreclosure in 2015, and records show he has state and federal tax liens dating back to 2005. "Worthington preyed upon the trust placed in him by (the client), who had very limited knowledge regarding his investments," the complaint said. Secretary of State William Galvin said Worhtington did not appear when subpoenaed for a December hearing.

"The allegations laid out in our complaint are very serious," Galvin said in a press release. "In addition to doing everything we can to try to get this investor's money back, my office will be referring this matter to federal law enforcement."

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Patch file photo via Shutterstock.

Dave Copeland can be reached at dave.copeland@patch.com or by calling 617-433-7851. Follow him on Twitter (@CopeWrites) and Facebook (/copewrites).