by Brian Mahany
Greed and fraud are no strangers to the world of finance. My telephone rings several times a day with victims of fraud seeking advice on recovering their money. Read the press releases coming from the Justice Department and the SEC if you really want to get depressed. Today’s fraudster is one for the Hall of Shame, however. Ryan Kimura, a former Morgan Stanly stockbroker, pled guilty to stealing millions from his own family.
While working at Morgan Stanley, Kimura persuaded his in-laws and other relatives to deposit over $2 million into accounts managed by him. Once the accounts were opened, he requested checks in their names and used them without their knowledge by forging their signatures.
Ultimately, Kimura embezzled approximately $1.5 from relatives.
Kimura plead guilty to both fraud and tax charges. The tax charges stem from filing false tax returns. Prosecutors say that Kimura failed to report or pay tax on his ill gotten gains. He owes state and federal tax authorities and additional $600,000.
Kimura faces 63 years in prison when sentenced later this year. There is no word on whether his wife has filed for divorce.
Luckily for the victims, Kimura worked for a large investment bank. Broker dealers have a responsibility to their customers and can be held responsible for the misconduct and negligence of their employees, especially where the fraud is related to the employer’s business.
If you have been defrauded by a stockbroker, investment bank or any financial professional, contact us for a no obligation, no nonsense consultation. In many situations we can handle your case on a contingent fee basis meaning you do not owe us any money unless we win your case.
For more information, contact attorney Brian Mahany at (414) 704-6731 (direct) or at
Mahany & Ertl, LLC – Fraud Recovery, Tax Resolution & White-Collar Criminal Lawyers. Milwaukee, Wisconsin; Detroit, Michigan & Portland, Maine. Services nationwide.