The U.S. Securities and Exchange Commission has filed a couple of actions against stockbrokers today, alleging securities fraud.

It has filed a civil action against Christopher Hanna, a former registered rep of Donaldson, Lufkin & Jenrette, accusing him of misappropriating US$3.2 million from his customers. It alleges that Hanna made unauthorized securities transactions in customer accounts, and also charges Hanna with violations of the antifraud provisions of the federal securities laws.

The complaint alleges that, from approximately 1997 to 2000, Hanna misappropriated more than US$3.2 million from at least nine customer accounts at DLJ’s Miami office using a scheme involving, among other things, fabricated account statements, fraudulent letters of authorization, and other material misrepresentations and omissions. According to the complaint, Hanna transferred the misappropriated funds to bank and brokerage accounts in Chile that he controlled.

The SEC has also filed charges against Frank Gruttadauria, former branch manager for the Cleveland office of Lehman Bros. Inc., alleging securities fraud. The complaint alleges that over the last six years, while he worked at two different brokerage firms, Gruttadauria stole at least US$40 million in the course of defrauding more than 50 clients.

It alleges that over a period of many years, Gruttadauria falsely told customers that he had bought or sold securities for their accounts, when, in fact, he had misappropriated their funds for his own purposes. The complaint alleges that Gruttadauria misappropriated funds from customers and directed the funds to other customers either as purported returns on non-existent investments or to satisfy withdrawal requests. False account statements were also produced, the SEC says.