Adorean Boleancu (CRD #4839991, Registered Representative, Napa, California) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity and ordered to pay $650,000, plus interest, in restitution to a customer. See FINRA Case #2011030687701. Boleancu previously was registered with Wells Fargo Advisors, LLC, and Wells Fargo Investments, LLC.
Without admitting or denying the findings, Boleancu consented to the described sanctions and to the entry of findings that he converted at least $650,000 from an elderly, widowed customer by issuing checks in the customer’s name without her authorization and issuing those checks to others, including his girlfriend. The findings stated that the checks were drawn against the customer’s home equity lines of credit that were opened shortly after Boleancu became her financial adviser. After Boleancu converted the funds from the lines of credit, he made unauthorized payments through the customer’s checking account to pay interest accrued on the outstanding balances. The customer was an unsophisticated and inexperienced investor who relied completely on Boleancu’s professional advice and experience for her investments and safekeeping of her financial assets. Boleancu was aware of her lack of experience and sophistication at the outset of their relationship. The findings also stated that Boleancu failed to comply with FINRA requests for documents and information.
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