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Former Wealth Manager Sentenced for Stealing Nearly $1.3 Million from Clients
Lexington, KY – In a shocking case of financial deceit, a former wealth manager for professional athletes has been sentenced to 51 months in federal prison for stealing nearly $1.3 million from his clients and misusing their identities.
U.S. District Court Judge Joseph M. Hood handed down the 51-month term of incarceration to 45-year-old Leon A. Smith, now of Batesville, Indiana, for wire fraud, identity theft, and money laundering.
In addition to the prison sentence, Judge Hood ordered Smith to forfeit $1,298,506.82, the approximate gross proceeds of his offense.
According to court documents, Smith admitted to misusing his clients’ personal and financial information to transfer their funds into his own bank accounts and to open unauthorized credit cards and other lines of credit in their names.
Smith also admitted to concealing his activities from his clients by changing passwords to restrict their access to their accounts and by fabricating expense reports that used fake expenses to explain the low account balances that resulted from his thefts.
The scheme, which began in September 2011 and continued through January 2015, was uncovered through a joint investigation conducted by the IRS-CI, the FBI, and the Lexington Police Department.
The United States was represented by Assistant United States Attorneys Andrew T. Boone and Kathryn M. Anderson.
Key Facts
- State: Kentucky
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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