Reply #50: Ex-broker bankrupt -- investors seek missing money

[Roland99]

Ex-broker bankrupt -- investors seek missing money
http://www.orlandosentinel.com/business/os-broker-bankruptcy-20100804,0,827930.story

The Sanford businessman and his wife, Sharon, filed for personal-bankruptcy protection last month, culminating a series of events that had led to his expulsion from the securities business by industry regulators.

The couple face potential claims from more than 100 individual investors from Florida to California, according to documents filed in U.S. bankruptcy court in Orlando. Creditors may also include more than 70 banks, credit-card companies and other corporate entities.

...

Securities regulators barred Pizzuti from the business in late 2009 after he refused to cooperate with a probe into his alleged misuse of client funds. He was one of more than 2,000 brokers nationwide barred or suspended in recent years amid the market upheaval, regulators say.

The former religious talk-show host has denied any wrongdoing, blaming his predicament on the bad economy and its impact on some big real-estate investments he had made.

Surprised he didn't try and use the "devil made me do it" defense.