Travis Wetzel, Wire Fraud and Money Laundering, Maryland 2015

A Frederick, Maryland financial officer has been convicted of stealing over $1.2 million from a client.

Travis Wetzel, 35, of Frederick, Maryland, pleaded guilty today to wire fraud and money laundering in connection with a fraudulent scheme to transfer $1,282,224 from an elderly client’s annuity account.

The plea agreement was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Stephen E. Vogt of the Federal Bureau of Investigation.

Wetzel processed financial distribution documents for an investment advisory firm located in Rockville, Maryland. In 2009, Wetzel was promoted to branch operations manager.

According to his plea agreement, from July 2010 to September 2012, Wetzel took a total of approximately $1,282,224 from an annuity account of a client without the client’s knowledge, and used the money for his personal benefit.

Wetzel knew that the client was elderly, whose age and physical condition would facilitate repeatedly taking money from the client’s account.

Wetzel also laundered some of the money he took by transferring the money to other bank accounts he controlled.

Wetzel has agreed to forfeit $1,282,224.

Wetzel faces a maximum sentence of 30 years in prison and a $250,000 fine for wire fraud; and 10 years in prison for money laundering.

U.S. District Judge Deborah K. Chasanow scheduled sentencing for February 23, 2015, at 11:30 a.m.

The financial crimes committed by Wetzel are part of a larger scheme to defraud the public and undermine trust in the financial system.

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