Former bank exec charged with defrauding widow

A former Wells Fargo Bank executive and financial consultant is facing possible prison time after being charged with allegedly forging more than $1.8 million in checks written on the accounts of an elderly widow.

Federal prosecutors say Adorean Boleancu appeared in court Wednesday where he was charged with 27 counts of bank fraud, wire fraud, money laundering and identity theft.

Prosecutors say while Boleancu worked for Wells Fargo’s Wealth Management Group as vice president and senior financial group — and before that in similar position with Morgan Stanley & Co.  — he wrote checks drawn on the elderly woman’s brokerage account and home equity lines of credit.

These checks were allegedly written to  Boleancu’s family members, his girlfriend, another female acquaintance, cash, and financial companies where Boleancu had credit card accounts.

Prosecutors say Boleancu also  forged checks in the amount of $750,000 and $600,000 payable to his girlfriend, who then deposited the checks and then transferred much of the money  to Boleancu.

The 77-year-old widow that Boleancu allegedly took advantage of has been described in legal documents as:

“… an unsophisticated and inexperienced investor who relied completely on the professional advice and experience of Boleancu.”

Boleancu’s lawyer, Ethan Balogh, told The San Francisco Chronicle that the “allegations are false and will be proven so at trial.”

After pleading not guilty to the charges during his appearance Wednesday, the 47-year-old Boleancu was released on $800,000 bond.

He is due to return to court next Tuesday.