Adorean Boleancu, a former broker for Wells Fargo & Co. and Morgan Stanley, has pleaded guilty to wire fraud for his involvement in a $1.8 million check fraud scheme that cheated a widowed client who was in her 80s. Boleancu admitted to writing checks without authorization on Donna Treadwell’s brokerage account and home equity lines of credit. According to United States Attorney Melinda Haag, Boleancu used the checks to make payments to family members, a girlfriend, and companies where he held credit card accounts.
Prosecutors say that Boleancu established the accounts for Treadwell in 2007 while he was employed with Morgan Stanley. He left that firm a year later and continued to forge checks on her accounts through 2011 while he worked for Wells Fargo.
The United States Attorney’s office announced Tuesday that Andorean Boleancu, 47, faces up to 30 years in prison, a $1 million fine, and restitution. He is currently free on $800,000 bond pending a December 17, 2013 sentencing hearing before United States District Judge Richard Seeborg.
Boleancu agreed to repay Treadwell over $650,000 in March and also to be banned from the securities industry as part of a civil settlement with the Financial Industry Regulatory Authority.
The case is U.S. v. Boleancu, U.S. District Court, Northern District of California, No. 13-cr-00444.