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Local Investment Advisor Embroiled in Wire Fraud and Tax Evasion Scandal
In a shocking turn of events, Donna J. Tucker, a 58-year-old former investment advisor from Roanoke, Virginia, has pleaded guilty to wire fraud and tax evasion charges in the United States District Court for the Western District of Virginia in Roanoke.
Tucker, who was employed by the Roanoke branch of an unnamed global financial services firm, waived her right to be indicted and pleaded guilty to a two-count Information charging her with one count of wire fraud and one count of tax evasion.
According to the plea agreement, Tucker is accountable for restitution to victims, including up to $1 million.
“Ms. Tucker violated the trust of her clients and schemed to steal their hard-earned savings,” said United States Attorney Timothy J. Heaphy. “Our office will continue to use all the resources available to investigate fraud and pursue restitution for its victims.”
Tucker’s scheme involved forging the signature of one of her clients, an elderly couple who held a joint account, in order to obtain a line of credit through her firm’s banking arm. She then caused a wire transfer of $295,000 from the victim’s account to her own account at a local credit union, using the funds to benefit herself and her family.
Additionally, Tucker took steps to conceal the unauthorized transfer by instructing others at her firm to place the victims in an all-electronic delivery system that would send their account statements by email. She also made false statements to the victims, other employees at the firm, and created false documents to carry out the scheme.
Furthermore, Tucker reported a taxable income of $125,333 to the Internal Revenue Service in calendar year 2011, but admitted to knowingly failing to report additional taxable income of at least $340,000, resulting in an additional tax of at least $115,000 owed to the United States.
At sentencing, Tucker faces a maximum possible penalty of up to 20 years in prison and/or a fine of up to $250,000 on the wire fraud charge, and up to five years in prison and/or a fine of up to $250,000 on the tax evasion charge.
The investigation of the case was conducted by the United States Secret Service, the Federal Bureau of Investigation, the Internal Revenue Service-Criminal Investigations, and the Roanoke City Police Department.
Assistant United States Attorney Daniel Bubar and Special Assistant United States Attorney Drew Bradylyons are prosecuting the case for the United States.
Key Facts
- State: Virginia
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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