A California financial advisor was sentenced to 20 months in prison for writing $1.8 million worth of checks on the account of an elderly widowed woman who was his client, the U.S. Attorney for the Northern District of California announced Wednesday.
Adorean Boleancu, 47, of Napa, Calif., was also ordered to pay $360,199 in restitution for the wire fraud offense. He was sentenced by Federal District Court Judge Richard Seeborg in San Francisco.
Boleancu pleaded guilty in September to signing the victim’s name to checks drawn on the victim’s brokerage account and home equity lines of credit without the victim’s knowledge or authorization. The checks were payable to Boleancu’s family members, his girlfriend, another female acquaintance, cash, and financial companies where Boleancu had credit card accounts, the U.S. Attorney says.
Boleancu was vice president, senior financial consultant in the wealth management group of Wells Fargo Advisors LLC. Before that he served as vice president, financial advisor with Morgan Stanley & Co. Inc.
He also has been sentenced to a three-year period of supervised release, and ordered to refrain from working in the financial industry.