REDONDA L. RUSSELL (CRD# 2352819) 66 years-old, former Fort Worth investment advisor, plead guilty to a wire fraud charge.
According to the US Attorney's office, Russell targeted the inactive accounts of her clients from First Command Financial Planning, Inc. of Fort Worth, nearly half of whom were dead, for more than $316,000.
By targeting inactive clients, Russell made the fraud much more difficult to detect. According to investigators, Russell allegedly perpetuated the fraud electronically. For over than a year, Russell obtained personal identifying information for 18 First Command clients, eight of whom were dead and drafted documents that gave her control over the accounts.
Russell deposited the funds into one of her personal accounts using different signatures, all which included the last name Russell.
The maximum sentence is 20 years in prison, a $250,000 fine and restitution. Russell remains free on bail until sentencing in December.
According to FINRA's BrokerCheck, REDONDA L. RUSSELL was previously registered with the following securities firm(s):
FIRST COMMAND FINANCIAL PLANNING, INC. (CRD# 3641) - FORT WORTH, TX
06/1993 - 05/2013
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