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Adorean Boleancu, $1.8M Bank Fraud, California 2013
A former high-ranking executive at Wells Fargo and Morgan Stanley has been charged with orchestrating a brazen $1.8 million bank fraud scheme.
Adorean Boleancu, 47, a Vice President, Senior Financial Consultant in the Wealth Management Group of Wells Fargo Advisors, LLC, allegedly executed the scheme by forging more than $1.8 million in checks written on accounts of an elderly, widowed client for his personal benefit.
According to the indictment, Boleancu wrote checks drawn on the client’s Morgan Stanley brokerage account and home equity lines of credit he had established for the victim. These checks were made payable to Boleancu’s family members, his girlfriend, another female acquaintance, cash, and financial companies where Boleancu had credit card accounts.
The indictment also alleges that Boleancu presented or caused to be presented forged checks in the amount of $750,000 and $600,000 payable to Boleancu’s girlfriend, who deposited the checks and transferred much of the proceeds to Boleancu.
Boleancu made his initial appearance in federal court in San Francisco this morning and was released on an $800,000 bond. His next scheduled appearance is at 2:30 p.m. on July 23, 2013, before the Honorable Richard Seeborg, U.S. District Court Judge.
The maximum statutory penalty for each count of bank fraud, in violation of 18 U.S.C. § 1344, and wire fraud, in violation of 18 U.S.C. § 1343, is 30 years in prison and a $1 million fine, plus restitution if appropriate. The maximum statutory penalty for each count of money laundering, in violation of 18 U.S.C. § 1957, is 10 years in prison and a fine of $250,000. The maximum statutory penalty for each count of aggravated identity theft, in violation of 18 U.S.C. § 1028A, is 2 years in prison and a fine of $250,000.
Boleancu’s case is being prosecuted by Assistant U.S. Attorney Robert S. Leach, with the assistance of Rayneisha Booth and Mary Mallory. The prosecution is the result of an 18-month investigation by the Federal Bureau of Investigation.
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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