Man Pleads Guilty to HELOC Fraud

Allison Tussey —  October 1, 2013 — Leave a comment

Adorean Boleancu, 47, Napa, California, pleaded guilty in federal court in San Francisco on September 13, 2013, to one count of wire fraud.

In pleading guilty, Boleancu admitted to writing more than $1.8 million in checks on accounts of an elderly, widowed client for his personal benefit. He signed 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.

Boleancu is currently released on an $800,000 bond.

Boleancu’s sentencing hearing is scheduled for December 17, 2013, before the Honorable Richard Seeborg, U.S. District Court Judge, in San Francisco. The maximum statutory penalty for wire fraud, in violation of 18 U.S.C. § 1343, is 30 years and a fine of $1,000,000, plus restitution. However, any sentence will be imposed by the court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

United States Attorney Melinda Haag announced the guilty plea.

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 18-month investigation by the Federal Bureau of Investigation.

 

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