A former Wells Fargo and Morgan Stanley financial advisor has been indicted for defrauding an elderly client of $1.8 million, according to the U.S. Attorney for the Northern District of California.
Adorean Boleancu, 47, of Napa, Calif., has been indicted on twenty-seven counts of bank fraud, wire fraud, money laundering, and aggravated identity theft. The indictment alleges that Boleancu forged more than $1.8 million in checks written on accounts of his client, the U.S. Attorney announced Wednesday.
Boleancu was a vice president, senior financial consultant in the Wealth Management Group of Wells Fargo Advisors LLC and, before that, a vice president, financial advisor with Morgan Stanley & Co. Inc., says U.S. Attorney Melinda Haag.
The Indictment charges Boleancu with writing checks drawn on the client's Morgan Stanley brokerage account and home equity lines of credit that Boleancu had established for the victim. These checks were made payable to Boleancu's family members, his girlfriend, another female acquaintance, cash, and financial companies where Boleancu had credit card accounts.
Boleancu appeared in U.S. District Court in San Francisco and was released on $800,000 bond.