PRESS RELEASE FOR IMMEDIATE RELEASE
Contact: Stanley Yackoski, Securities Investigator
Phone: (302) 577-8935
Date: August 23, 2004
STOCKBROKER CHARGED WITH SECURITIES FRAUD
(Wilmington, DE): Attorney General M. Jane Brady announced today that a Superior Court Grand Jury in New Castle County has issued a forty-four count indictment against Thomas A. Guido, a stockbroker employed by PNC Investments in Wilmington, Delaware, charging him with securities fraud, forgery, and falsification of business records. The indictment alleges that, from about December 1999 to about September 2002, Mr. Guido fraudulently assumed control over the securities accounts of a Milford couple and conducted a level of trading in the account that was not consistent with the couple’s investment objectives.
· The State alleges that Mr. Guido’s excessive trading in the victims’ accounts caused them to incur approximately $69,000.00 in unnecessary commission payments. Further, on twenty-seven separate occasions, Mr. Guido committed securities fraud by purchasing securities for the victims’ accounts without their approval.
· The indictment also alleges that Mr. Guido forged documents relating to the victims’ accounts and falsified documents to make it appear as if his handling of the accounts was consistent with their investment objectives.