Former Bank VP Sentenced for Stealing from Client’s HELOC

Allison Tussey —  December 19, 2013 — Leave a comment

Adorean Boleancu, 47, Napa, California, was sentenced to 20 months in prison and ordered to pay $360,199.25 in restitution for a wire fraud offense.

As previously reported by Mortgage Fraud Blog, Boleancu pleaded guilty on September 13, 2013, to one count of wire fraud. According to the plea agreement, Boleancu admitted to executing a fraud scheme by writing more than $1.8 million in checks on accounts of an elderly, widowed client for his personal benefit.

Boleancu was 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. In pleading guilty, Boleancu admitted to signing the victim’s name to checks drawn on the victim’s brokerage account and home equity lines of credit without the victim’s knowledge or authorization. The checks were payable to Boleancu’s family members, his girlfriend, another female acquaintance, cash, and financial companies where Boleancu had credit card accounts.

Boleancu was indicted by a federal grand jury on July 9, 2013. He was charged with 14 counts of bank fraud, in violation of 18 U.S.C. § 1344; 4 counts of wire fraud, in violation of 18 U.S.C. § 1343; 5 counts of money laundering, in violation of 18 U.S.C. § 1957; and 4 counts of aggravated identity theft, in violation of 18 U.S.C. § 1028A.

The sentence was handed down by the Honorable Richard Seeborg, United States District Court Judge, in San Francisco. Judge Seeborg also sentenced the defendant to a three-year period of supervised release, and ordered him to refrain from working in the financial industry. The defendant will begin serving his prison sentence on February 4, 2014.

United States Attorney Melinda Haag and FBI Special Agent in Charge David J. Johnson announced the sentence.

Robert S. Leach and Kyle F. Waldinger are the Assistant U.S. Attorneys who are prosecuting the case with the assistance of Rayneisha Booth and Mary Mallory. The prosecution is the result of an investigation by the Federal Bureau of Investigation.

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