
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, July 30, 1993                   TAG: 9307300160
SECTION: VIRGINIA                    PAGE: B3   EDITION: STATE 
SOURCE: 
DATELINE:                                 LENGTH: Short

FORMER BROKER PLEADS GUILTY TO ILLEGAL SALES

A former securities broker faces up to five years in prison and a $10,000 fine after pleading guilty to using securities earmarked for real estate purchases to pay off clients.

David G. Wilks, 45, of Forest, pleaded guilty Wednesday in U.S. District Court in Roanoke to selling unregistered securities worth $56,400. He was released on $25,000 bond pending an Oct. 13 sentencing.

Authorities have been unable to say how much money investors lost when the partnerships Wilks managed collapsed in 1989.

Wilks was president of at least five limited partnerships, including Virginia-Carolina Financial Corp. and Executive Investments of Virginia Inc. Some 420 investors pooled their money to invest in real estate in Virginia and North Carolina.

- Associated Press

by CNB