Shane Selewach, a former Ameriprise broker, will pay a stiff price for stealing $335,000 from clients.  Guilty of 6 counts of larceny, 6 counts of securities fraud and operating as an unregistered broker dealer, Selewach was sentenced to 8 to 12 years in prison.

Selewach acquired his ill-gotten funds from six investors from July 2005 to November 2008.  He solicited investor funds on the premise they'd be invested in commodities, real estate or hedge funds.  Instead, Selewach deposited the funds into his personal and business accounts, and used them to pay for personal expenditures - on mortgage payments, international travel.  Selewach never notified his investors that he wasn't registered as a securities broker.

In addition to prison and losing his position at Ameriprise, Selewach will serve 10 years probation during which he will be barred as a fiduciary.  He must also disclose his conviction to any potential employers and will pay full restitution to his victims.   [On Wall Street, 7/29/11]