- Associated Press - Sunday, March 23, 2014

PROVIDENCE, R.I. (AP) - Federal regulators have barred a Cumberland financial adviser from the securities industry following his guilty plea to fraud charges.

The U.S. Securities and Exchange Commission issued an order on Friday against Patrick J. Sullivan.

Sullivan was a co-founder and member of Winchester Financial Securities, an insurance sales business. He also was a representative associated with broker-dealers registered with the SEC.

Regulators say the 44-year-old Sullivan pleaded guilty in 2011 to interstate transportation of property taken by fraud.

Authorities say that between 2005 and 2010, he defrauded investors by soliciting client funds for investment and converting the money for his personal use. Sullivan was sentenced to 21 months in prison followed by three years of supervised release.

He was ordered to make restitution of $424,905.