An investment broker from Livingston was sentenced Friday to three years in prison for stealing more than $270,000 from an elderly couple he befriended, the state Attorney General's office said.
Michael Alan Siegel, 62, must also pay restitution to the woman. Her husband has since died.
In June, Siegel pleaded guilty to theft by deception in Essex County Superior Court. He was friends with the couple when he suggested they transfer their investment accounts, which totaled more than $2 million, to the brokerage Siegel went to work for in 2013.
When Siegel took a job at another firm the following year, the couple once again transferred their funds for Siegel to manage.
That year, Siegel convinced the couple to invest in a bogus “options program.” Siegel actually took the 49 checks -- totaling more than $270,000 -- and spent the money on himself, authorities said.
The state Bureau of Securities brought a civil action against Siegel and revoked his broker registration last year. The agency also assessed a $100,000 penalty before referring the case for criminal prosecution, authorities said.
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