On Tuesday, September 17th., 2013, 47 year old, Andorean Boleancu, a financial adviser from Northern California, pleaded guilty to charges that he wrote over $1.8 million in checks from his client's accounts. This client was an elderly widow. The U.S. Attorney's office said that Andorean Boleancu now faces 30 years in prison, a $1 million fine, plus restitution for wire fraud.
Andorean Boleancu was indicted in July. He allegedly forged his client's name on checks from her brokerage account and home equity lines of credit. These checks were then made payable to Boleancu's family members, girlfriend, and his credit cards. Boleancu's elderly client was not only characterized as an unsophisticated and inexperienced investor but she was further described as a client who relied completely on Andorean Boleancu’s professional advice and experience for her investing and safekeeping her assets.
Andorean Boleancu was employed at Morgan Stanley & Co. and the wealth management group at Wells Fargo Advisors in San Francisco.
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