Sept 17 A former broker for Wells Fargo & Co
and Morgan Stanley has pleaded guilty to wire
fraud over what federal prosecutors called a $1.8 million check
fraud scheme that cheated a widowed client in her 80s.
Adorean Boleancu admitted to writing the checks without
authorization on the client's brokerage account and home equity
lines of credit, and making payments to family members, a
girlfriend and to companies where he had credit card accounts,
U.S. Attorney Melinda Haag in San Francisco said on Tuesday.
A lawyer for Boleancu previously identified the client as
Donna Treadwell, who according to court papers was 77 when she
first met the defendant.
Prosecutors said Boleancu established the accounts for
Treadwell in 2007 while he worked at Morgan Stanley, left that
firm a year later, and continued to forge checks on her accounts
through 2011, when he worked at Wells Fargo.
Boleancu, 47, lives in Napa, California. He entered his plea
on Friday, after having been indicted in July on 27 counts,
court records show.
The defendant remains free on $800,000 bond pending a Dec.
17 sentencing hearing before U.S. District Judge Richard Seeborg
in San Francisco. He faces a maximum of 30 years in prison.
A copy of Boleancu's plea agreement was not immediately
available. Ethan Balogh, a lawyer for Boleancu, did not
immediately respond on Tuesday to a request for comment. Neither
Wells Fargo nor Morgan Stanley was accused of wrongdoing.
In March, Boleancu agreed to repay Treadwell $650,000 and be
banned from the securities industry as part of a civil
settlement with the Financial Industry Regulatory Authority. He
did not admit or deny FINRA's findings.
The case is U.S. v. Boleancu, U.S. District Court, Northern
District of California, No. 13-cr-00444.