Former Vice President of Wells Fargo Advisors and Morgan Stanley & Co. Charged in $1.8 Million Fraud Scheme
|U.S. Attorney’s Office July 17, 2013|
SAN FRANCISCO—A federal indictment charging Adorean Boleancu with 27 counts of bank fraud, wire fraud, money laundering, and aggravated identity theft was unsealed this morning in federal court, announced United States Attorney Melinda Haag. The indictment alleges that Boleancu executed a fraud scheme by forging more than $1.8 million in checks written on accounts of an elderly, widowed client for his personal benefit.
According to the Indictment, Boleancu, 47, of Napa, California, was a vice president, senior financial consultant in the Wealth Management Group of Wells Fargo Advisors, LLC and, before that, a vice president, financial advisor with Morgan Stanley & Co. Inc.
The Indictment alleges that Boleancu wrote checks drawn on the client’s Morgan Stanley brokerage account and home equity lines of credit Boleancu had established for the victim. These checks were made payable to Boleancu’s family members, his girlfriend, another female acquaintance, cash, and financial companies where Boleancu had credit card accounts.
The indictment also alleges that Boleancu presented or caused to be presented forged checks in the amount of $750,000 and $600,000 payable to Boleancu’s girlfriend, who deposited the checks and transferred much of the proceeds to Boleancu.
Boleancu made his initial appearance in federal court in San Francisco this morning. Boleancu was released on an $800,000 bond. His next scheduled appearance is at 2:30 p.m. on July 23, 2013, before the Honorable Richard Seeborg, U.S. District Court Judge.
The maximum statutory penalty for each count of bank fraud, in violation of 18 U.S.C. § 1344, and wire fraud, in violation of 18 U.S.C. § 1343, is 30 years in prison and a $1 million fine, plus restitution if appropriate. The maximum statutory penalty for each count of money laundering, in violation of 18 U.S.C. § 1957, is 10 years in prison and a fine of $250,000. The maximum statutory penalty for each count of aggravated identity theft, in violation of 18 U.S.C. § 1028A, is two years in prison and a fine of $250,000. However, any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.
Robert S. Leach is the Assistant U.S. Attorney who is prosecuting the case with the assistance of Rayneisha Booth and Mary Mallory. The prosecution is the result of an 18-month investigation by the Federal Bureau of Investigation.
Please note, an indictment contains only allegations against an individual and, as with all defendants, Boleancu must be presumed innocent unless and until proven guilty.