Financial advisor cleaned out client’s accounts shortly after getting power of attorney

Swampscott Financial Advisor Pleads Guilty to Stealing Former Client’s Retirement Assets

///

BOSTON – A Swampscott financial advisor pleaded guilty yesterday in federal court in Boston to defrauding an elderly victim and her bank by stealing the victim’s retirement assets.

Felix Gorovodsky, 29, pleaded guilty to one count of bank fraud. U.S. District Court Judge Denise J. Casper scheduled sentencing for Sept. 14, 2021.

Gorovodsky served as a financial advisor for the victim. In or about July 2019, the victim terminated that advisor relationship and revoked the power of attorney she had previously granted him. Approximately nine months later, Gorovodsky accessed and liquidated the victim’s bank account, transferring more than $250,000 into his own bank account. Gorovodsky then used the victim’s stolen retirement funds for personal expenses, including paying off more than $100,000 in federal student loans. As part of the scheme, Gorovodsky forged the victim’s signature on a purported “gift letter,” which he sent to the bank in an attempt to legitimize the fraudulent transfer.

Did you see it?
Española man convicted of involuntary manslaughter in Indian Country

Pursuant to the terms of the plea agreement, the parties have agreed to a sentence, subject to the Court’s approval, of 33 months in prison, two years of supervised release and restitution of at least $318,000.


The charge of bank fraud provides for a sentence of up to 30 years in prison, five years of supervised release and a fine of up to $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

Attributions in this article: Map data ©2019 Google, Photo © BigStock Photos. Hand out photos courtesy of reporting agency. Press releases are the intellectual property of the issuing agency or corporation. Please report any photo, copyright or intellectual property violations to news@shorewsnetwork.com.
Did you see it?
St. Thomas Man Sentenced to Federal Prison for Conspiracy to Distribute Cocaine