A former financial officer from Frederick, Maryland has been convicted of stealing over $1.2 million from an elderly client.
Travis Wetzel, 35, pleaded guilty to wire fraud and money laundering in connection with a scheme to transfer $1,282,224 from an annuity account without the client’s knowledge.
According to the plea agreement, Wetzel processed financial documents for an investment advisory firm in Rockville, Maryland, and was promoted to branch operations manager in 2009.
Between July 2010 and September 2012, Wetzel took approximately $1.2 million from the client’s account and used the money for his personal benefit.
The former financial officer also laundered some of the money by transferring it to other bank accounts he controlled.
Wetzel has agreed to forfeit the stolen amount of $1,282,224 and faces a maximum sentence of 30 years in prison and a $250,000 fine for wire fraud, as well as 10 years in prison for money laundering.
U.S. District Judge Deborah K. Chasanow has scheduled sentencing for February 23, 2015, at 11:30 a.m.
The case is part of efforts by President Obama’s Financial Fraud Enforcement Task Force to combat financial crimes.
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Key Facts
- State: Maryland
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release —
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