Adorean Boleancu, former vice president and senior financial consultant in the wealth management group of Wells Fargo Advisors LLC, admitted to writing more than $1.8 million in checks on accounts of an elderly, widowed client for his personal benefit, according to the U.S. Attorney for the Northern District of California, Melinda Haag.
Without the client’s knowledge or authorization, Boleancu, 47, of Napa, Calif., signed the client’s name to checks drawn on the client’s brokerage account and home equity lines of credit.
The checks were payable to Boleancu’s family members, his girlfriend, another female acquaintance, cash and financial companies where Boleancu had credit card accounts.
Boleancu has pled guilty in San Francisco federal court to one count of wire fraud. He faces a maximum penalty of 30 years and a fine of $1 million plus restitution at his sentencing in December.