Texas Financial Advisor Pleads Guilty to Wire Fraud

Redonda Russell, 66, a former investment advisor from Fort Worth, Texas plead guilty to wire fraud on Aug. 26, 2014. Russell went after the inactive accounts of her firm, First Command Financial of Fort Worth, Texas and caused the liquidation of more than $316,000 according to the U.S. attorney’s office. Almost half of these clients were deceased. Russell was employed by First Command Financial for 22 years. She left in 2013. For the past seven years Russell worked as associate director of client services with First Command Financial of Forth Worth, Texas.

According to investigators, Russell perpetuated the fraud electronically. For over a year, Russell received personal identifying information for eighteen of First Command clients, eight of whom were deceased. Russell then drafted documents giving her control of the accounts. Russell then took the proceeds from the liquidation of the accounts and deposited the funds into one of her many personal accounts, all using different signatures, but all included the last name of Russell.

Russell is currently free on bail. Her sentencing, which the maximum could be 20 years in prison and a $250,000 fine plus restitution, is scheduled for December 8, 2014.

If you or an elderly family member suffered financial losses due to Redonda Russell or your broker/financial advisor, call the Soreide Law Group for a free consultation on how to potentially recover your losses at 888-760-6552. Soreide Law Group represents clients nationwide before FINRA.