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Financial Advisor Arrested for Embezzling Over $313,000 from Client
Adam Belardino, the Chief Executive Officer of the Maddox Group, a financial advisory firm in New York City and elsewhere, has been charged with wire fraud in connection with his embezzlement of more than $313,000 from a Maddox client, a 64-year-old New Rochelle resident.
According to the indictment unsealed in White Plains federal court, Belardino managed the victim’s investments at another firm before he founded Maddox in July 2019. In August 2019, Belardino convinced the victim to liquidate some of her portfolio and to transfer the liquidated funds to Maddox for investment. The victim then transferred more than $313,000 to Maddox in eight separate transactions between August 2019 and October 2020.
Instead of investing the victim’s money as he had promised, Belardino used the victim’s money to pay the operating expenses of Maddox, including payroll and office rent; to pay down prior debt; to pay credit card charges, which consisted primarily of personal items; and to pay for personal travel.
Belardino, 37, of New York City, is charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison.
U.S. Attorney Damian Williams praised the investigative efforts of the FBI, saying, ‘This Office will aggressively pursue financial advisors and others who steal money entrusted to them by clients.’
FBI Assistant Director-in-Charge Michael J. Driscoll added, ‘Financial crimes of this nature can cause significant disruptions to the lives of those who are victimized.’
Belardino was arrested this morning and will be presented in White Plains federal court later today. He faces a maximum sentence of 20 years in prison and is currently being held without bail.
The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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