Wednesday, August 7, 2013

San Francisco Feds Pinch Bankster For Allegedly Ripping Off Elderly Widow By Drawing Down $1.8M+ On HELOC, Brokerage Accounts He Had Established For Victim

From the Office of the U.S. Attorney (San Francisco, California):

  • A federal indictment charging Adorean Boleancu with twenty-seven 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, Calif., 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.

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