Daniel J. McLellan of Sandwich has been charged with defrauding a woman who invested money with him on promises of guaranteed returns, Massachusetts Secretary of State William F. Galvin said Wednesday.
Attempts to reach McLellan were not successful.
While working at a Jiffy Lube in Mashpee, McLellan met a woman who was having her car serviced, according to a press release from Galvin’s office. At some point, they discussed the stock market, and he allegedly later identified himself as a broker with a nonexistent firm. The woman gave him $50,000, and McLellan “retained a significant percentage” for his own use, Galvin’s administrative complaint alleges. On March 30, McLellan told the woman that he had lost all her money.
Neither McLellan nor his firm were registered to do securities business. McLellan did not respond to two subpoenas issued by the Securities Division, the release said.
The complaint says McLellan “deposited the remaining funds into his personal brokerage account and, primarily as the result of his trading them on margin, subsequently lost the money in the market over a six-month period.”