12-Month Term For Stockbroker Molly Wilson

Molly Wilson, the former Merrill Lynch securities broker who was convicted of bilking clients out of more than $400,000 to support her flashy lifestyle, has been sentenced to more than six years in prison.

King County Superior Court Judge Warren Chan sentenced Wilson to 75 months in prison. Wilson was convicted Oct. 1 of 14 counts of first-degree theft and one count of securities fraud.

The 75-month sentence went far beyond the 22 to 29 months recommended under state sentencing guidelines for first-time offenders. But it was less than the 90 months requested by the prosecutor and the 100 months recommended by the Department of Corrections.

Maximum sentence under the law is 10 years.

Wilson was a first vice president and a top broker at the Seattle office of Merrill Lynch where she earned a six-figure income, drove a $200,000 Rolls Royce and lived in a $1.2 million home in Bellevue's Somerset Hill. She was fired in 1989 for what Merrill Lynch describes as "a violation of company policy." She then formed her own firm, Wilson Securities.

Wilson's lawyer, Bruce Erickson, had asked Chan to waive prison time because Wilson was a first-time offender. But Chan declined, saying many of the victims were elderly and "had virtually all of their life savings taken away from them."

Chan said an exceptional sentence also was appropriate because of the enormity of the offense.

Wilson will be ordered to pay restitution. A Jan. 14 hearing will determine the conditions of repayment.

A hearing will be held Wednesday to determine if Wilson should remain free pending her expected appeal and the restitution hearing. Prosecutor Scott Peterson argued strongly that Wilson should be jailed immediately.

Peterson said Wilson had consistently disobeyed court orders and may have a stash of money somewhere. But Chan said a hearing was needed to determine what resources Wilson might have.

Wilson's former clients said they were glad she was given a stiff sentence, but they said they doubted she would make restitution.

"Am I going to get restitution?" asked Jeff Cudworth, owner of a Redmond office-upply business who said Wilson had bilked him and his wife, Gayle, out of more than $100,000 for their sons' college education.

"Let's be realistic," Cudworth said. "I'm not."