Christopher Turean Pleads Guilty to $4.6 Million Embezzlement
According to article from Fox59 newson November 21, Christopher Turean, former investment advisor in Carmel, Indiana, has reportedly pleaded guilty to embezzling millions of dollars from a client and using the money to bet on sports and pay down a personal loan.
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ToggleTurean who was reportedly a registered representative with Valeo Financial Advisors from September 2012 until February 2022, purportedly pleaded guilty in federal court to one count of wire fraud and one count of filing a false tax return.
Beginning in July 2019 and over a period of two years, Turean allegedly devised a scheme to transfer money out of his client’s investment account, according to court documents. After purportedly setting up a Limited Liability Company called “SCNT LLC” he allegedly transferred his client’s money into a bank account under the fraudulent business’s name.
Turean then purportedly transferred money from the SCNT account into his own personal bank account where he’d use the money to pay off his own debts. Meanwhile, the victim allegedly believed the money was being invested in real estate.
According to the allegations, instead of investing the funds, Turean was purportedly using his client’s money to gamble on sports betting sites such as DraftKings and FanDuel. He also allegedly put more than $1 million of his client’s money toward a home equity line of credit tied to his personal residence.
As part of the plea deal, Turean reportedly agreed to pay $4,692,500 in restitution to the victim along with paying an additional $1,725,246 in restitution to the IRS. The wire fraud charge carries a prison sentence of up to 20 years.
CFP Board Revocation
In July 2022, we reported that the CFP Board reportedly permanently revoked Turean’s right to use the CFP® certification marks after he allegedly failed to acknowledge a “Notice of Investigation.”
The CFP Board was reportedly investigating allegations that Turean allegedly misrepresented investment products to misappropriate customer funds. Turean’s administrative revocation was effective as of August 16, 2022.
According to Turean’s Investment Adviser Public Disclosure, he was also under investigation by the Internal Revenue Service and the US Postal Service for “misappropriation of customer funds.”
Hiring Experienced Securities Attorneys
If you have suffered losses investing with Christopher Turean, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their fraud losses. For more information, please visit our website, www.whitesecuritieslaw.com.
Christopher Turean, broker investigation, Valeo,
