WASHINGTON -- A unregistered Missouri broker was sentenced to 27 months in prison for defrauding customers of a failed Illinois thrift, most of them elderly.

John Arnold of St. Louis told customers at Olympic Financial Services Corp. of Alton, Ill., that he would invest their funds in secure Government National Mortgage Association mutual funds. Instead, he put $1.4 million into his own account.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.