SEATTLE – Michael P. Raineri, 63, a former Seattle-area financial advisor, will spend the next 32 months in federal prison after being sentenced today for wire fraud. Raineri systematically pilfered $531,411 from a client’s trust account over a six-year period, leaving the victim financially crippled and forced to work well into what should have been his retirement years. The sentence was handed down in U.S. District Court by Judge Ricardo S. Martinez.
The scheme began in 2013 when the victim inherited approximately $2 million, placed in a revocable trust. Raineri was part of the team brought in to manage the funds, specifically with instructions to prioritize security and long-term retirement stability. He quickly ingratiated himself, sticking with the trust even after changing financial firms, and began subtly manipulating the victim’s trust. He gained access to blank checks, power of attorney, and even a key to the victim’s apartment – tools he would later exploit to line his own pockets.
Between 2016 and 2020, Raineri’s greed escalated. He cashed twelve blank checks totaling $397,000, routing the funds through another client’s account as a thin disguise before depositing them into his personal bank account. He then brazenly transferred an additional $115,226 directly from the victim’s account to his own, even using stolen funds to lease a luxury vehicle. The theft remained undetected until 2022, when the victim noticed discrepancies in his account balances and initiated an audit that exposed Raineri’s betrayal.
“This wasn’t just about stealing money; it was a violation of trust,” Assistant United States Attorney Sanaa Nagi argued in a sentencing memo, requesting a 41-month prison term. The impact on the victim has been devastating. Reduced to less than a quarter of his original inheritance, he was forced to re-enter the workforce. Now, instead of enjoying his golden years, the victim works at least 40 hours a week for approximately $24 an hour, despite a recent wrist injury and advanced age. He’s been forced to drastically alter his lifestyle, living far more frugally than ever before.
Judge Martinez, clearly disturbed by the predatory nature of the crime, ordered full restitution of $531,411. “He took advantage of someone who trusted him as a financial expert,” Martinez stated during sentencing. “The majority of Americans look to financial advisors as experts in their field, similar how people go to doctors. These people trust these experts with their life.” Following his prison term, Raineri will be subject to three years of supervised release.
The investigation was conducted by the FBI, with the prosecution handled by Assistant United States Attorney Sanaa Nagi. Raineri was indicted in November 2024 and pleaded guilty to wire fraud in June 2025. This case serves as a stark reminder of the vulnerability of trusting financial professionals and the severe consequences awaiting those who abuse that trust for personal gain.
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Key Facts
- State: Washington
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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