Elder abuse happens daily. Because it’s victims are often incapacitated or to scared to seek help, the problems don’t get the attention they deserve. Some elder abuse victims are so ill they don’t even understand that they are being victimized. As a society, we hope that caring family members, lawyers, social service providers and bankers are astute and can spot abuse when it happens. Sometimes, however, it is the very people charged with helping the elderly that wind up getting charged with crimes against the elderly. Such is the case with Adorean Boleancu.
Federal prosecutors indicted Boleancu and charged him with a series of serious felonies including bank fraud, wire fraud, money laundering and aggravated identity theft. The government says his crimes stem from a widowed, 83 year old woman that he had helped in his capacity as a financial advisor.
We have seen many cases like this but usually the defendant is a care giver or neighbor hoping to make some quick bucks. What makes this case so different is the defendant, Adorean Boleancu, was a vice president of Wells Fargo Advisors at the time of his indictment. Previously he served as a vice president of Morgan Stanley. According to the indictment, Boleancu wrote checks to himself on the victims account; an account he helped open and establish for the victim.
As is typical in many elder abuse cases, prosecutors say that the crime started out on a small scale. The first few checks wrongfully written on the account were in 2007 and were for $6000 each. As time went on, they say Boleancu became bolder. Ultimately he i alleged to have made a $595,000 transfer.
In addition to writing checks to himself, the government says that he also wrote checks on the victims account to his girlfriend and another woman. All told the amount taken from the victim is $1.8 million.
Elder abuse takes many forms. One of the most common is financial fraud. Stealing is never acceptable, of course, but we feel it is even more inexcusable if the victims are too old, too young or too incapacitated to defend themselves. Making this case even worse is Boleancu’s position in the community. As an officer of a major financial institution, we expect better. As the victim’s personal financial consultant, Boleancu had a duty to safeguard his client’s assets and protect her from the very conduct for which he is charged.
Remember, an indictment is only an accusation and Boleancu is presumed innocent until proven guilty. He was released this week on an $800,000 bond while awaiting trial. If convicted of all counts he faces life in prison.
Trusting your assets with a reputable bank is a good first step to prevent financial elder abuse but as this case illustrates, it isn’t foolproof. Sometimes the people we rely on to protect us are the ones stealing.
The victim is lucky in that Boleancu was caught. Many times, elder abuse is never detected or prosecuted.
[UPDATE: Boleancu pleaded guilty to wire fraud in September 2013. Read about his conviction here.]
If you are the victim of elder abuse or believe that a loved one is being abused, we can help. The key to success is quick action. Often we can freeze funds before they are distributed or at least keep the fraudsters from spending the money while the claims are being resolved in court.
For more information, contact attorney Brian Mahany by email at or by telephone at (414) 704-6731 (direct). All inquiries are protected by the attorney – client privilege and kept in strict confidence.
Mahany & Ertl – America’s Fraud Lawyers. Offices in Milwaukee, Wisconsin; Detroit, Michigan; Portland, Maine; Minneapolis, Minnesota and San Francisco, California. Fraud recovery available in many jurisdictions.
Post by Brian Mahany