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Sunday, April 14, 2024

Ex-Advisor Sentenced to 4 Years in Jail for $4.7M Embezzlement


What You Must Know

  • The monetary skilled stole from a consumer sufferer and didn’t report the revenue, in keeping with prosecutors.
  • He was discharged from Valeo Monetary in 2022 after the allegations, the SEC says.
  • A choose imposed the sentence and ordered the advisor to pay greater than $6.4 million in restitution.

A former Indiana monetary advisor who embezzled practically $4.7 million from a consumer has been sentenced to 4 years in federal jail after pleading responsible to wire fraud and submitting a false tax return in reference to the theft, in keeping with the U.S. Division of Justice.

Christopher Turean, 43, stole about $4.7 million from a consumer sufferer and didn’t report the illicit revenue on his taxes, submitting false returns that hid greater than $1.7 million in taxes owed, the U.S. Lawyer’s Workplace for the Southern District of Indiana introduced final week.

The resident of Fishers, Indiana, used the funds partly to gamble, in keeping with prosecutors.

The Securities and Change Fee report for Christopher G. Turean states that he labored for Valeo Monetary Advisors from September 2012 to February 2022, when he was discharged over allegations he misappropriated consumer funds.

The Inside Income Service and the U.S. Postal Service initiated an investigation into the allegations round that point, in keeping with the SEC.

Turean hid his criminality from his employer, in keeping with the U.S. Lawyer’s Workplace, which didn’t determine the agency by title.

“Traders have a proper to belief that professionals obligated to behave of their greatest pursuits aren’t stealing their hard-earned cash,” Zachary A. Myers, U.S. Lawyer for the Southern District of Indiana, mentioned in a information launch.

“This felony used his place as a trusted skilled to steal practically 5 million {dollars}, after which hid practically two million {dollars} in taxes owed. The intense jail sentence imposed right here demonstrates the dedication of (the IRS Legal Investigation and the U.S. Postal Inspection Service) and our federal prosecutors to aggressively prosecute monetary crimes and maintain fraudsters accountable,” Myers defined.

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