Securities Arbitration Lawyers BlogEx-broker, Robert Basile, Pleads Guilty to Stealing $130,000 from his Elderly Mother
The Financial Industry Regulatory Authority Inc. has barred former Waddell & Reed broker, Robert Lee Basile (CRD #2392772). He faces two years of probation after pleading guilty to embezzlement and theft from an elder.
Basile’s mother opened a brokerage account with Waddell and Reed in 2014, shortly after his son joined the firm. Basile served as the broker for the account, but between January 2015 and October 2017, he allegedly withdrew funds to keep for himself. He used them to pay for his own living expenses without her consent.
Police began an investigation after they received information about elder abuse from adult protective services. The report states that the abuse occurred in Boise, Idaho, where Basile’s mother resides.