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Former Assistant District Attorney
Former Assistant U.S. Attorney

Man faces wire fraud and embezzlement accusations

On Behalf of | Oct 28, 2020 | Federal Crimes

When Mississippi consumers decide to invest their money through securities, many rely on financial analysts to study the markets and make reasonable recommendations. This can be an exciting career, and those who are successful have the opportunity to earn a significant salary. Unfortunately, because they deal with other people’s money, trade analysts may also face allegations of embezzlement.

One man in another state is facing federal charges following an FBI investigation into his investment advisory firm. The FBI’s criminal complaint alleges that the analyst electronically made over 100 transfers from accounts the firm managed into his personal accounts. The transfers, which supposedly occurred while the analyst worked from home between Feb. 2019 and Sept. 2020, totaled nearly $2.8 million. The CEO of the company alerted authorities after discovering that one of the accounts showed an unscheduled transaction of $350,000.

Gathering evidence

Investigators believe the analyst and his wife spent the money on clothing, vacations, investments and dining out, as well as paying off debts. Debit card transactions reportedly show the couple made over $1 million in purchases from a jewelry store. Authorities also removed four luxury vehicles from the analyst’s home.

The CEO of the company claims that, in an email, the analyst admitted to making mistakes with the accounts. He also apparently confessed to dealing with substance abuse issues. He now faces an uncertain future. In fact, anyone facing charges in an Ohio embezzlement case must deal quickly with the evidence authorities claim to have since the penalties for such offenses can be severe.