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October 2013 Archives

Advisor Faces Thirty Years in Prison

Adorean Boleancu, a former Wells Fargo and Morgan Stanley financial advisor, faces up to thirty years in prison after pleading guilty to check fraud. He faces these charges for allegedly forging approximately two million dollars in checks from a client's account. Boleancu settled FINRA's charges earlier this year which resulted in a permanent ban from the industry, a one million dollar fine, and a requirement that he refund the stolen money.

SEC Requesting Oklahoma Advisor be Banned from Securities Industry

According to SEC court filings, Larry Dearman Sr., an Oklahoma advisor, duped his clients into sham investments. The SEC complaint alleges that Dearman used a friend, Marya Gray, to help perpetrate the scam. The SEC complaint states that Dearman and Gray defrauded investors out of $4.7 million. The SEC is requesting that Dearman and Gray be permanently banned from the securities industry and subject to severe financial penalties.

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