FINRA barred former California-based Wells Fargo Advisors, LLC broker Adorean Boleancu and ordered the former securities representative to pay restitution to an elderly, widowed customer in the amount of $650,000 plus interest after Boleancu allegedly converted $650,000 from the customer without authorization, knowledge or consent.
According to the findings, Boleancu issued checks in his elderly client's name to multiple friends of Boleancu, including his girlfriend. Boleancu allegedly drew these checks against the customer's two home equity lines of credit that had been opened after Boleancu became the customer's financial advisor.
FINRA charged that Boleancu knew his customer was "an unsophisticated and inexperienced investor who relied completely on the professional advise and experience of Boleancu for her investments and safekeeping of her financial assets."
Charged with converting the funds from lines of credit and making unauthorized payments through the customer's checking account, Boleancu refused to cooperate with FINRA's investigation but did consent to the Authority's findings, without admitting or denying them.
Meanwhile, an August 2012 civil complaint filed in San Francisco's Superior Court alleges Boleancu made an unsuitable investment of $2 million in risky equity funds and variable annuities ("VAs").
According to the suit, the client only discovered the unsuitable investments upon hiring a new financial advisor to oversee the funds.
Wells Fargo terminated Boleancu's employment in December 2011 while investigating this incident.
If you have invested with Adorean Boleancu or with any broker or firm who has inappropriately converted your funds or made unsuitable or risky investments without authorization and such misconduct has proven harmful to your investments, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.