On November 16, Robert Lee Basile (CRD#: 2392772), a former Waddell & Reed broker, was barred by financial regulator FINRA after pleading guilty to charges of embezzlement and theft from an elder. The charges were related to activity on his mother’s Waddell & Reed brokerage account.
Barred Broker: Former Waddell & Reed Representative Robert Lee Basile
During Basile’s time with Waddell & Reed, his mother opened a brokerage account which she held from January 2015 to October 2017. Basile allegedly spent $130,000 out of his mother’s account without her knowledge or consent.
60 year old Basile currently resides in Chino, California. According to a local Chino newspaper, the police investigation began following claims of elder abuse from adult protective services out of Boise, Idaho where the victim, his mother, lives.
Chico police allege Basile took money from his elderly mother’s brokerage account to pay for his own living expenses. Basile was arrested on May 22 of this year, charged with one felony count of theft from an elder and one felony count of embezzlement. As a result of the guilty plea, Basile faces a two-year suspended sentence with the opportunity to serve probation.
Basile’s records indicate he was with Waddell & Reed for three years before leaving the company in January of 2018.
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