Ronald Diaz, Wire Fraud, Arizona 2024

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Tucson Financial Advisor Pleads Guilty to $970,000 Wire Fraud Scheme

Ronald Diaz, 40, of Tucson, has pleaded guilty to Wire Fraud, a crime that can carry a maximum penalty of 20 years in prison and a $250,000 fine, or both. Diaz, a former Morgan Stanley financial advisor, will be sentenced on September 27, 2024, before United States District Judge Scott H. Rash.

According to court documents, while working as a financial advisor, Diaz engaged in a scheme to defraud an elderly client. To induce the victim into the scheme, Diaz falsely represented an investment opportunity in an “annuity” that “guaranteed” a 10% return. Between November 2020 and July 2022, Diaz directed the victim to transfer $970,000 to Diaz’s family members, who then distributed most of the funds back to Diaz.

Once he received the funds, Diaz used large portions of the victim’s money for his own personal benefit, including gambling at casinos, making a down payment on a 2021 Range Rover, paying credit card debt, remodeling his family pool, paying his mortgage, and paying other personal expenses. Diaz made some “interest” payments to entice the victim into providing additional money throughout the scheme. None of the victim’s money was used towards any legitimate investment.

As a result of the scheme, the victim lost over $867,000. As part of his plea agreement, Diaz will be required to pay restitution to the victim’s estate. “This case highlights the importance of protecting our most vulnerable citizens from financial exploitation,” said a spokesperson for the U.S. Attorney’s Office. “We will continue to work tirelessly to hold accountable those who seek to take advantage of others for personal gain.”

The Federal Bureau of Investigation conducted the investigation in this case. The United States Attorney’s Office, District of Arizona, Tucson, is handling the prosecution.

The case number is CR-24-04092-TUC-SHR, and the release number is 2024-104_Diaz. For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/. Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

A conviction for Wire Fraud is punishable by up to 20 years in prison and a $250,000 fine. The FBI and U.S. Attorney’s Office are committed to protecting the public from financial crimes and will continue to investigate and prosecute those who engage in such schemes.