A former broker and financial advisor with Wells Fargo has been indicted for fraud by a federal grand jury in San Francisco. Adorean Boleancu was charged with allegedly forging approximately $1.8 million in checks from an elderly clients account.
According to Bay Side News, the indictment alleges that Boleancu wrote checks for his personal use and to his family members and girlfriend on the elderly clients brokerage account between 2007 and 2010. The checks were allegedly drawn against the clients two home equity lines of credit.
In a separate proceeding with the Financial Industry Regulatory Authority (FINRA), Boleancu was barred from working in the securities industry and ordered to pay $650,000 in restitution.
Boleancu’s Broker Check report describes the elderly client as “unsophisticated and inexperienced investor who relied completely on the professional advise and experience of Boleancu for her investments and safekeeping of her assets.”
According to Broker Check, Boleancu worked with Morgan Stanley & Co from 04/2007 – 02/2008, Wells Fargo Investments from 02/2008 to 01/2011, and Wells Fargo Adivisors from 01/2011 – 12/2011, during the relevant time.
FINRA registered brokerage firms have a supervisory responsibility to oversee the activities of all their employees. When a broker, like Boleancu, takes advantage of their clients trusts and dips into their accounts for personal use, the brokerage firm may be liable for negligent supervision and responsible for investment losses.
If you invested with Adorean Boleancu and would like to speak with a securities attorney about your potential to recover investment losses, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit www.WhiteSecuritiesLaw.com.