A financial consultant, possessing over ten years of experience, is confronting two criminal accusations following allegations of misappropriating approximately $5 million from a client's funds. The purported offense took place over the course of 2019 to 2021, during which the financial advisor was employed by Valeo Financial Advisors, a company situated in Carmel, Indiana.
Prosecutors assert that the advisor, identified by the initials C.T., misused $4.69 million of the client's funds. As reported by the Indianapolis Business Journal, C.T. has agreed to plead guilty to two charges related to the alleged embezzlement. Specifically, he intends to admit to filing a false tax return and committing wire fraud. The accusations against the financial advisor suggest that he utilized his client's money for personal expenses, such as securing a home equity loan linked to his own residence and engaging in gambling activities.
In accordance with the current laws of Indiana, filing a false tax return can result in imprisonment of up to three years and significant fines. Conversely, individuals convicted of wire fraud may face a maximum prison sentence of 20 years, accompanied by fines up to $250,000.
Prosecutors assert that the advisor, identified by the initials C.T., misused $4.69 million of the client's funds. As reported by the Indianapolis Business Journal, C.T. has agreed to plead guilty to two charges related to the alleged embezzlement. Specifically, he intends to admit to filing a false tax return and committing wire fraud. The accusations against the financial advisor suggest that he utilized his client's money for personal expenses, such as securing a home equity loan linked to his own residence and engaging in gambling activities.
In accordance with the current laws of Indiana, filing a false tax return can result in imprisonment of up to three years and significant fines. Conversely, individuals convicted of wire fraud may face a maximum prison sentence of 20 years, accompanied by fines up to $250,000.