TUCSON, Ariz. — A former Morgan Stanley financial advisor from Tucson has pleaded guilty to wire fraud after he scammed money out of an elderly client, officials said.
Ronald Diaz, 40, will be sentenced on Sept. 27 after he admitted to partaking in a scheme that tricked a client into wiring $970,000 to Diaz's family members.
VERSIÓN EN ESPAÑOL: Asesor financiero estafó a un cliente en Arizona por 867,000 dólares
The defendant had told the victim that the money would be used for an investment opportunity that guaranteed a 10% return, according to the U.S. Attorney's Office of Arizona.
Diaz's relatives would wire the victim's money back to him and the defendant would spend the funds on gambling, remodeling his pool and paying off credit card debt.
Diaz would pay some "interest" payments to the victim in order to entice them to continue investing more funds. Officials said none of the victim's money was used for any legitimate investing opportunities. In total, the victim lost $867,000.
The defendant will be ordered to pay restitution to the victim's estate.
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