In the scam to deceive the nun, FINRA said, instead of investing as promised two checks she gave him totaling $531,000, Boyle deposited one check into his personal joint bank account and the second into a mutual fund account held in his name. Boyle also persuaded a retired couple and an elderly widow to give him additional checks totaling approximately $80,000—which he again deposited into his own accounts, using the funds for his own benefit, FINRA said.
The nun inherited approximately $532,000 in mutual fund holdings when her mother died. Because she has taken a vow of poverty, the nun had intended for the money to go to her religious order. The nun's mother held an account at Legg Mason and Boyle was the broker who handled the mother's account. In October 2004, shortly after her mother's death, the nun opened an account with Boyle at Legg Mason and transferred the mutual fund holdings into that account. When Boyle recommended another investment later that month, a portion of her mutual fund holdings was sold and a $125,000 check was mailed to her from Legg Mason. Boyle instructed the nun to sign the check and mail it back to him. Without the nun's knowledge, Boyle then deposited the $125,000 into his own personal joint bank account and used these funds for his own benefit.
