A former Wells Fargo and Morgan Stanley vice president has been indicted and charged with 27 counts of bank fraud, wire fraud, money laundering, and aggravated identity theft as a result of his forgery of $1.8 million in checks written on brokerage and home equity accounts belonging to an elderly, widowed client. Adorean Boleancu is accused of establishing brokerage and home equity accounts for the client, then writing checks payable to family members, girlfriends and other “female acquaintances,” and credit card companies out of those accounts. All in all, Boleancu’s girlfriend alone is alleged to have deposited more than $1 million and then transferred much of the money to Boleancu himself[1].

Boleancu has pleaded not guilty to the charges. The plaintiff in the case, who is identified only as “D.T.,” was Boleancu’s client between 2007 and 2011 and is now 83 years old[2]. Boleancu agreed to another settlement with the widow in March of this year through the Financial Industry Regulatory Authority (FINRA). In the terms of the settlement, Boleancu was not required to admit wrongdoing but did have to agree to pay his former client $650,000 in restitution. The former banker’s attorney says that the claims against his client are “false” and “spurious” and said that Boleancu “looks forward to confronting these…claims at trial.” Boleancu faces two to 30 years in prison per charge if convicted.

by Carol Van Sickle

 


[1] http://mortgagefraudblog.com/former-bank-vp-charged-with-stealing-from-clients-heloc/

[2] http://www.ktvu.com/news/news/crime-law/financial-advisor-indicted-alleged-18-million-forg/nYtcT/