Rhode Island Financial Advisor Sentenced to 18 Months in Prison for Wire Fraud

A former financial customer service specialist has been sentenced to 18 months in federal prison for defrauding the estate of two deceased sisters from Galway, Ireland, of more than $1.2 million dollars.

Ronald Hunt, 45, of Collinsville, Ill., a former employee of Columbia Management Investment Services (CMIS), a subsidiary of Ameriprise Financial, was sentenced on an unknown date to 18 months in federal prison for wire fraud, announced United States Attorney Peter F. Neronha and Ted A. Arruda, Resident Agent in Charge of the Providence Office of the United States Secret Service.

At sentencing, U.S. District Court Chief Judge William E. Smith also ordered Hunt to serve two years supervised release and 100 hours of community service upon completion of his prison sentence. Hunt pleaded guilty on July 16, 2015, to wire fraud.

According to court documents, in March 2013, while working at a CMIS call center in Providence, Hunt used his position to research deceased clients who had unredeemed Ameriprise Financial accounts and no listed beneficiaries. Hunt identified two such accounts belonging to deceased sisters in Galway, Ireland.

According to court documents, in May 2013, Hunt submitted redemption paperwork for the two sisters’ accounts, using the alias “Sean Kane,” as the executor for the accounts. On May 20, 2013, using the alias, Hunt transferred $769,242.24 from one sister’s account and $459,531.91 from the second sister’s account into a CMIS account he created. Two days later he transferred the entire amount, $1,228,774.15, to a fictitious business bank account he created. On May 23, 2013, and again on August 29, 2013, Hunt withdrew funds totaling $750,000 from the business account.

Ameriprise Financial recovered nearly all of the stolen funds. At sentencing, U.S. District Court Chief Judge Smith ordered Hunt to pay restitution in the amount of nearly $21,000, which represents the balance of the amount of money stolen from the sisters’ estates which was not previously recovered.

The case was prosecuted by Assistant U.S. Attorney Terrence P. Donnelly, with the assistance of Assistant U.S Attorney John P. McAdams. The matter was investigated by the United States Secret Service, with the assistance of the Securities and Exchange Commission, Division of Enforcement.

Defendant/respondent: Ronald Hunt

Criminal charges: Wire fraud

City and state: Providence, Rhode Island

Exact date: July 16, 2015 (plea), unknown (sentencing)

Sentence or outcome: 18 months in federal prison, 2 years supervised release, 100 hours community service, restitution of nearly $21,000

Dollar amounts: $1.2 million stolen, $769,242.24 transferred from one sister’s account, $459,531.91 transferred from the second sister’s account, $1,228,774.15 transferred to fictitious business bank account, $750,000 withdrawn from business account, nearly $21,000 restitution

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