David Saks: Former Vice President of Wells Fargo Advisors Charged With Fraud

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Former Vice President of Wells Fargo Advisors Charged With Fraud

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
  • Northern District of California (415) 436-7200
 

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.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 6 commentsDavid Saks • July 18 2013 02:07PM

Comments

Ha ha....yeah right.  Of course he was released.  They will never see him again.  He will most likely catch the next plane out with his girlfriend to the islands where his money is stashed.  Oh wait.  it really ISN'T his money.

Posted by Jean Hanley, Specializing in Folks Who Want To Buy/Sell Homes (Coldwell Banker Kivett Teeters) about 7 years ago

White collar crime. Not taken so seriously by the feds or local police. They always get a different end result then the "common" criminal.

I am glad you showcase it David.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 7 years ago

Thank you for commenting on the press release, Jean.

Posted by David Saks ((retired)) about 7 years ago

Special task forces are assigned to investigate the real estate fraud we're seeing nationally, Noah. They're great, and very dedicated to battling both crimes for housing and crimes for profit. Thanks.

Posted by David Saks ((retired)) about 7 years ago

He will kiss that $800,000 Bond goodbye and be on a flight to somewhere.   At least we got that much out of the unscrupulous bastard.

Posted by Fred Griffin Tallahassee Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) about 7 years ago

Thanks for your comment, Fred.

Posted by David Saks ((retired)) about 7 years ago

This blog does not allow anonymous comments