Adorean Boleancu Fined and Barred By FINRA On Fraud Charges

On March 6, 2013, Adorean Boleancu reached a settlement with the Financial Industry Regulatory Authority (FINRA) concerning allegations that he converted at least $650,000 from a customer.  By agreeing to the FINRA settlement Boleancu does not admit or deny any of the findings made against him but accepts a bar from associating with any broker dealer and to pay restitution in the amount of $650,000.

The complaint alleges that Boleancu converted at least $650,000 from an elderly widow while he was working at Wells Fargo Advisors, LLC (Wells Fargo).  Boleancu worked for Wells Fargo from February 1, 2008 until his termination on December 6, 2011.

Boleancu allegedly was able to convert the money from the investor by issuing checks in her name without her authorization and issuing those checks to others including his own girlfriend. The checks were drawn from the investor’s two home equity lines of credit that were opened shortly after Boleancu became her adviser.  In an attempt to keep his activities hidden, Boleancu allegedly made unauthorized payments through the investor’s checking account to pay interest accrued on the outstanding balances.  In the end it is estimated that Boleancu converted approximately $650,000.

FINRA also claims that Boleancu failed to cooperate with their investigation of the matter. Boleancu allegedly refused to produce any information or documents that FINRA required of him.

Senior citizens are particularly vulnerable to instances of fraud and financial abuse.  The SEC has listed several red flags and tips for senior citizens to keep an eye on when investing:

  • Be wary of offers that sound too good to be true.
  • Research a company before deciding to invest.
  • “Guaranteed returns” are not guaranteed- there is risk in every investment you make. Some investments have risk can and offer a smaller return while others offer higher returns but often carry high risk.
  • Don’t be pressured by “once in a lifetime offers” that require money to be invested immediately.
  • Be wary of unsolicited offers.
  • Don’t lose sight of your investments.
  • Question why you cannot retrieve you principal or cash out of your profits.
  •  Never be afraid to complain.

The attorneys at Gana LLP are experienced in investigating claims of financial abuse.  Our attorneys can help you detect and uncover suspicious activity in your accounts and represent you to recover wrongfully used funds.  Our initial consultations are free of charge and the firm is only compensated if you recover.  Call Gana LLP to speak with an attorney.