LOS ANGELES (CN) - A San Fernando Valley investment adviser was sentenced Monday to 2 years in federal prison for stealing $900,000 from clients.
Philip D. Horn, 51, of Tarzana, formerly a managing director at the Westwood Village branch of Wells Fargo Advisors, pleaded guilty in September 2012 to two counts of wire fraud, the U.S. Attorney's Office said.
Horn admitted that he swiped more than $730,000 from trades he executed for clients that, when profitable, he "corrected" to credit to his own accounts. When Wells Fargo caught him at it, it turned up other bogus "corrections," including moving losing trades from his accounts to his clients', prosecutors said in a statement.
Wells Fargo fired him in October 2011.
The sentencing judge noted that Horn had paid more than $1 million in restitution. Horn was ordered to report to prison on April 12.
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