Retired Massachusetts Landscaper Scammed Out Of $100K, State Says

PEABODY -- An investment adviser has been charged with misappropriating nearly $100,000 from a 65-year-old retired landscaper from Peabody.

The adviser, Bruce Worthington of Tewksbury, devised an "elaborate plan" to take advantage of his client from 2006 to 2018, according to an administrative complaint filed Thursday by the Secretary of State's Securities Division.

"Worthington continued this scheme for years by taking advantage of his customer's trust and limited knowledge regarding his own investments," the complaint said.

According to the complaint, Worthington diverted funds from his Peabody client's brokerage account for his own personal use and benefit. The client worked as a landscaper and groundskeeper until retiring in 2016. By that time, he had been a client of Worthington's for 17 years and relied on him in planning for retirement, the complaint said.

Worthington withdrew nearly $100,000 from his client's account from 2006 to 2008, but convinced him the money was being used for legitimate investments. He produced false documents claiming the money had been invested in bonds and had generated a substantial profit, the complaint said.

"Worthington preyed upon the trust placed in him by (the client), who had very limited knowledge regarding his investments," the complaint said.

In a series of phone calls from 2011 to 2018, Worthington continually assured his client that his funds were safe and secure. When the client began preparing for retirement, Worthington convinced him that his funds were not yet available for withdrawal. He eventually stopped responding to the investor, the complaint said.

Worthington also failed to tell his client that he had been terminated by his employer, Commonwealth Financial Network, in 2013 over concerns about his credit history. The complaint stated that Worthington experienced a number of financial difficulties and lost in house in a foreclosure in 2015.

Worthington failed to appear before the Securities Division when subpoenaed in December 2018, according to the Secretary of State William Galvin's office. The office is seeking restitution, censure, a cease-and-desist order, an administrative fine, and an order permanently barring Worthington from registering as an investment adviser or broker-dealer agent in Massachusetts.

"The allegations laid out in our complaint are very serious," Galvin said in a press release. "In addition to doing everything we can to try to get this investor's money back, my office will be referring this matter to federal law enforcement."

Staff writer Paul Leighton can be reached at 978-338-2675 or [email protected].

___

(c)2019 The Salem News (Beverly, Mass.)

Visit The Salem News (Beverly, Mass.) at www.salemnews.com

Distributed by Tribune Content Agency, LLC.