Adorean Boleancu Sentenced to Prison for Stealing $1.8m from Elderly Investor
Adorean Boleancu, 47, of Napa, a former financial advisor and a former vice president at Morgan Stanley & Co. and Wells Fargo Advisors, admitted to forging an elderly client’s name on $1.8 million worth of checks.
Boleancu was sentenced in California federal district court to one year and eight months in prison and ordered to pay $360,199 in restitution to his victim, an 83-year old widow.
Adorean Boleancu was a vice president and financial advisor for Morgan Stanley & Co. from 2004 to 2008, and a vice president for Wells Fargo Advisors from 2008 to 2011. The widow was his client at both institutions between 2007 and 2011, all according to the indictment.
Boleancu previously repaid the widow $873,000, including $712,953 from the sale of a penthouse condominium he owned in San Francisco, according to prosecutors. The widow also received unspecified amounts of additional compensation from Boleancu’s former employers.
Boleancu pleaded guilty in September to one count of wire fraud, admitting during the plea that, without his client’s knowledge and authorization, he signed her name on $1.8 million worth of check drawn on her brokerage accounts and home equity lines of credit.
The 22 checks were made payable to Boleancu’s girlfriend, sister, brother-in-law, a female acquaintance, cash, and to companies where he had credit card accounts.
The two largest checks were written to his girlfriend who transferred $1,025,000 of the misappropriated funds to Boleancu. In turn, Boleancu withdrew most of the money in cashier’s checks or money orders, according to prosecutors.
Boleancu was charged in with 14 counts of bank fraud, four counts of wire fraud, five counts of money laundering and four counts of aggravated identity theft.
After pleading guilty to one count of wire fraud and admitting the forgery in a plea agreement, prosecutors dropped the additional counts.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no obligation evaluation of their recovery options, at 585-310-5140.