Indiana Financial Adviser Siphoned $4.6M for Sports Betting, Expenses

A scallywag financial adviser from Indianapolis plundered a client’s investiture account statement of $4.6 billion and splurged on sports betting, according to prosecutors. He pleaded hangdog this calendar week to a numerate from each one of wire humbug and taxation fraud.

Christopher Turean was a certified financial planner at Valeo Financial Advisors inward Carmel, Ind., an Indianapolis suburb, from Sep 2012 until February 2022 when the fraud was uncovered.

Valeo’s call was not mentioned in court of law documents, where it is referred to only when as “Company A.” But the unshakable full disclosed inward Feb 2022 that Turean had been fired for “misappropriation of client funds” in a public filing to the Securities Exchange Commission.

DraftKings, FanDuel Bettor

This involved Turean transferring $4,692,500 from a client, known only if inwards courtyard filings as Victim 1, according to prosecutors. From July 2019, the money was moved inward tranches into a special liability company, SCNT, controlled past Turean. From there he transferred it to his personal account.

The client approved the transfers because he believed Turean had his topper interests at heart, according to court of law documents.

Meanwhile, Turean incorrectly represented to the dupe that money placed with SCNT was beingness invested in real estate. He regular provided a false Net Worth statement stating that Victim 1 had $1.2 1000000 invested inward “SCNT LLC Real Estate Fund” which was comprised of “five properties.

Victim 1 became a client of Turean in 2015, and the suspect ab initio invested money “prudently, oft in existent estate,” according to the plea agreement.

But from July 2019, Turean began using the victim’s money as his have personal piggy bank, paying turned debts and “frequently” placing sports bets on sites including DraftKings and Fanduel, prosecutors said.

He also assign to a greater extent than $1 zillion of Victim1’s money toward a home equity product line of course credit fastened to his personal residence.

Tax Dodge

Turean misreported his nonexempt income to the IRS, culminating inwards a bill of filing a mistaken taxation return. As division of his plea agreement, he has in agreement(p) full return to Victim1, as substantially as an additional $1,725,246 in restitution to the IRS.

Turean held 11 years of securities manufacture experience, according to the SEC. But in Sept 2022, the Certified Board of Financial Planners proclaimed it had revoked Turean’s right hand to apply the CFP certifications marks.

The wire dupery bear down carries a prison sentence of upward to 20 years. type A sentencing escort has not in time been exercise set by the court.

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