Ex-Wells Fargo & Morgan Stanley broker pleads guilty

Gavel

A former broker for Wells Fargo and Morgan Stanley has pleaded guilty to wire fraud over what federal prosecutors called a $1.8m cheque fraud scheme that cheated a widowed client in her 80s.

Reuters reports that Adorean Boleancu admitted to writing the cheques 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.

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Ex-Wells, Morgan Stanley broker pleads guilty in check fraud scheme

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