Wednesday, March 24, 2010

New Jersey Investment Advisor Pleads Guilty To Embezzling $1 Million From Elderly Clients

Brian Anderson, 45, of Oradell, New Jersey, pleaded guilty today to a one-count Information charging him with embezzlement in connection with the theft of over $1 million from eight elderly client accounts. Anderson admitted that he embezzled the money from clients of his over a four year period between 2002 and 2006 while at PrimeVest Financial Services of Jersey City. His scheme reportedly involved the simple withdrawal of funds from client accounts and then depositing those funds into his own accounts. Anderson faces up to 30 years in prison, a $1,000,000 fine, plus restitution upon sentencing which is set for June 29th.

Read the story here and here.

Update (9/8/10): Anderson, now 46, was sentenced to 68 months in prison. He must also pay $1,110,633 in restitution.

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