Articles Tagged with Adorean Boleancu

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.

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