Clason, who pleased guilty to wire fraud back in May, liquidated the client’s investment accounts and transferred the money to a bank account he held jointly with the client.
Clason sent the SEC and Offer of Settlement and the agency accepted it. He is barred from “associating with any broker, dealer, investment advisor, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization,” according to the article. He’s also banned from “participating in any offering of a penny stock.” FINRA banned him last September.