Former Wells Fargo Advisors, LLC broker Adorean Boleancu of Napa, California was indicted on charges of check fraud and money laundering in San Francisco federal court, pleading not guilty and posting $800,000 bond.
In March, FINRA barred Boleancu and ordered he pay $650,000, plus interest, in restitution to an elderly customer whose checking account he allegedly misappropriated money from.
FINRA's findings stated that Boleancu issued several checks in the elderly client's name and against the customer's two home equity lines of credit. Investigators accused Boleancu of improperly converting funds and making unauthorized payments through the customer's account.
The investigation stated that Boleancu knew his customer was an unsophisticated and inexperienced investor who relied completely on Boleancu's professional advice and that the customer only discovered the alleged illicit conduct upon hiring a new financial advisor to oversee the funds.
Boleancu's lawyer, meanwhile, maintains the allegations are false, though FINRA's investigation uncovered a series of forged check payments made payable to Boleancu's family members and credit card companies.
The allegations further state that Boleancu made two checks payable to his girlfriend, who allegedly deposited them and transferred most of the checks' $1.4 million value back to Boleancu.
If you have invested with Adorean Boleancu or with any broker or financial professional who has improperly converted funds or depleted your checking or investment accounts, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.
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