The Financial Industry Regulatory Authority has barred an ex-Wells Fargo broker and ordered him to pay $650,000 plus interest to a former client on the grounds that the advisor allegedly defrauded a client of at least the same amount.
According to a FINRA Letter of Acceptance, Waiver and Consent, advisor Adorean Boleancu opened two home equity lines of credit for an elderly, widowed client, D.T., shortly after moving to Wells Fargo from Morgan Stanley early in 2008. From 2008 to January 2010, Boleancu converted funds from those credit lines by issuing checks in the clients name without her authorization and issuing those checks to others, including his girlfriend, FINRA wrote.
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