| July 18
July 18 A former broker for Wells Fargo Advisors
LLC and Morgan Stanley has been indicted for defrauding an elder
client out of $1.8 million by forging checks on her accounts,
federal prosecutors said.
The former broker, Adorean Boleancu, wrote the checks on
accounts he set up for his client, a widow who was 77 years old
when the two met more than five years ago, according to an
indictment unsealed on Wednesday in San Francisco federal court.
He was a San Francisco-based adviser at Wells Fargo Private
Bank, a unit of Wells Fargo & Co, and previously at
Boleancu, of Napa, California, pleaded not guilty to the
charges, which included fraud and money laundering. He was
released on $800,000 bond.
The allegations are false and would be proven so at trial,
Ethan Balogh, Boleancu's lawyer, said in an email.
Neither Morgan Stanley nor Wells Fargo was accused of any
wrongdoing. A Wells Fargo spokesman said the company is working
with federal prosecutors. A Morgan Stanley spokeswoman said that
most of Boleancu's alleged misconduct occurred after he left the
company in 2008. Morgan Stanley is also cooperating with federal
prosecutors and other relevant agencies, the spokeswoman said.
Boleancu's lawyer has identified the client as Donna
Boleancu established a brokerage account and home equity
line of credit for Treadwell in 2007 while a broker at Morgan
Stanley. Boleancu left Morgan Stanley in 2008 and
continued to forge checks on her accounts through 2011, while he
worked at Wells Fargo, according to the indictment.
The forged checks were made payable to Boleancu's family
members, credit card companies and others, according to the
indictment. He made two checks totaling nearly $1.4 million
payable to his girlfriend, who deposited them and transferred
much of the proceeds to Boleancu, according to the indictment.
In March, the Financial Industry Regulatory Authority, Wall
Street's industry-funded watchdog, barred Boleancu from the
securities industry in an action stemming from the alleged
fraud. He agreed in a settlement to pay $650,000 to Treadwell,
while neither admitting nor denying FINRA's findings.