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Wednesday, August 23, 2006

Securities allegations


Massachusetts Secretary of State William F. Galvin today charged a Waltham man and two other agents of broker-dealer firms with defrauding their clients, and said the firms failed to supervise the agents properly.

Galvin's civil action seeks to revoke the agents' licenses, compensation to victims, and a fine. First, he charged a former registered representative of Ameriprise Financial Services Inc., Shane A. Selewach of Hyannis, with selling fraudulent interests in a commodities hedge fund.

Second, Galvin charged an agent of Gateway Financial Agency Corp., Patricia Ann Palmer of Fiskdale, with selling about $663,000 in nonexistent certificates of deposit to Massachusetts residents.

Third, he charged that New England Securities Corp. failed to properly supervise an agent, Paul Surface of Waltham, who Galvin said steered clients to an Internet company that eventually failed.

-- Ross Kerber

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