A Napa investment adviser faces up to 30 years in prison and a fine of $1 million after pleading guilty in federal court to one count of wire fraud, the U.S. Attorney's Office said Tuesday.
Adorean Boleancu, 47, admitted to writing more than $1.8 million in checks for his personal benefit on accounts of an elderly widowed client, U.S. Attorney Melinda Haag said.
Drawn on the woman's brokerage account and home equity lines of credit, the checks were made payable to Boleancu's family members, girlfriend, another female acquaintance and to financial companies where he had credit card accounts, Haag said.
Boleancu, who is free on an $800,000 bond, is scheduled for sentencing before a federal district judge on Dec. 17.
He was identified as vice president and senior financial consultant in the Wealth Management Group of Wells Fargo Advisors, LLC, the prosecutor said.
Boleancu entered a guilty plea on Sept. 13. Following an 18-month investigation by the FBI, Boleancu was charged with 14 counts of bank fraud, four counts of wire fraud, five counts of money laundering, and four counts of aggravated identity theft.