Did Brookstreet Help Embezzle Priest Retirement?
According to documents of a case, now dismissed, an investment advisor, claiming to be an agent of Brookstreet Securities opened accounts at Brookstreet and deposited client funds. One such client was the Diocese of Santa Rosa which gave full control of its assets at Brookstreet to the purported representative. According to the claims, the advisor then converted the Diocese’s funds at Brookstreet for personal expenditures, payments to third parties and for various other purposes. The Diocese and others complained they were victims of investment fraud and embezzlement by parties including Brookstreet. They stated they were placed into investment programs involving the purchase of U.S. Treasury bonds to generate high returns with no risk to principal. Their claims were that, without authorization, their funds were transferred out of their accounts at Brookstreet. After being contacted by an Assistant U.S. Attorney regarding questionable activity in the Brookstreet account, the Diocese co
