Originally Posted - July 24, 2006

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QUEENS---A former Merrill Lynch broker has pleaded guilty to defrauding an elderly client out of more than $320,000 by stealing checks from the victim's account, forging her signature on them and then depositing the proceeds his own bank accounts.

"As a broker, the defendant had a fiduciary responsibility to in his client's best interests and to act honestly" Queens district attorney Richard A. Brown said. "By improperly using his client's hard-earned assets for his own personal use, he failed to fulfill those obligations and must now face the consequences of his actions."

Peter J. Lau, 39, of 30 Butterfly Drive in Hauppauge, LI, pleaded guilty grand larceny in the second degree before Acting Queens Supreme Court Justice Barry Kron who indicated that at sentence on Sept. 20, he would impose a sentence of 1½ to 4½ years in prison and order the defendant to make full restitution to his victim.

Brown said that, according to the criminal charges, Lau, while employed by Merrill Lynch and acting in his capacity as the victim's broker, stole 28 checks belonging to the victim, forged her signature on them, and then deposited the checks, totaling $321,648, into credit card accounts that he maintained at Fleet Bank and Chase. The thefts took place over an 18-month period between June 2004 and December 2005. 7-24-06

© 2006 North Country Gazette