Did you Invest with William Harrison or Eddie Sawyers?

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) May 2, 2011 -- It was announced by the SEC, April 15, 2011, that the Securities and Exchange Commission entered an order permanently enjoining Eddie W. Sawyers. It is alleged that between December 2007 and October 2008, Eddie W. Sawyers and his co-defendant William K. Harrison used misrepresentations and omissions of material fact to defraud at least forty-two Wachovia brokerage customers of at least $8 million in customer funds.

The SEC complaint further alleged that on or around December 2007, Harrison and Sawyers, acting under the d/b/a “Harrison/Sawyers Financial Services,” began offering their Wachovia customers an investment opportunity that they misrepresented was guaranteed to make a 35% return, with no risk of loss of principal.

These customers were informed that their investments would be used for trading options, Harrison and Sawyers misrepresented the riskiness of their trading strategy by telling customers that they had a foolproof approach to trading options and that their principal investment was secure and would make handsome returns regardless of market volatility.

The SEC complaint goes on to say that Harrison and Sawyers either opened accounts with optionsXpress in the client’s name or commingled the client’s funds in accounts opened in Harrison’s wife’s name or a joint account in the name of Harrison and his wife. Harrison and Sawyers placed “limited trading authorizations” and other related documentation associated with their scheme in the name of Harrison’s wife to not draw attention to their fraud. Although the trading strategy that Harrison and Sawyers employed was initially successful, it soon resulted in substantial investor losses. By October 2008, they had depleted the vast majority of the money they had raised from investors. On October 13, 2008, Harrison submitted to Wachovia a resignation letter in which he confessed to “misdirecting” $6.6 million from seventeen of his Wachovia customers in order to trade online. He also admitted that he had conducted this online trading without first securing the authorization of these 17 individuals.

Attorney Lars Soreide of Soreide Law Group, PLLC, is currently investigating this case and is preparing to take legal action. If you or a family member have become an alleged victim of Eddie W. Sawyers, William K. Harrison, Harrison/Sawyers Financial Services, or optionsXpress, call a Securities Arbitration Lawyer for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA, the Financial Industry Regulatory Authority.

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