On July 31, 2014, former Ameriprise Financial Services financial advisor, Michelle Lee Kern, 36, of Sacramento, CA, was sentenced to 46 months in prison and ordered to pay $642,625 in restitution for financial advisor fraud.
Michele Kern was a licensed financial advisor with Ameriprise Financial Services Inc. in Roseville, CA, from 2009 through December 2012, and allegedly stole $642,625 from approx. 20 clients. Michelle Kern forged clients' signatures on checks, and made wire transfers out of client accounts which she then transferred to her own bank accounts and credit cards. According to victim statements read in court, the victims said how difficult it was for many of them to retire, support disabled children, and pay for college.
While Kern awaits her sentencing in this fraud case, she has also been charged with embezzling money from her church.
Kern will begin serving her sentence on September 11, 2014.
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