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Written by 7:15 pm Blog, Securities Fraud

Michael Filipidis Pleads Guilty to Wire Fraud

Michael Filipidis Pleads Guilty to Wire Fraud, featured by top securities fraud attorneys, The White Law Group

Michael Filipidis, former Wells Fargo employee, reportedly scams elderly customer out of $800,000.

According to an article in WSCOTV, Michael Filipidis, a former Wells Fargo employee, reportedly pleaded guilty in federal court Tuesday to wire fraud and aggravated identity theft charges, after purportedly pretending to be a financial advisor and allegedly scamming an elderly man out of $800,000.

Filipidis, 24, while working at a Wells Fargo call center in Mint Hill, North Carolina, allegedly tricked an elderly man into giving him account information, according to the court documents.

After Filipidis had the victim’s information, he purportedly opened brokerage accounts using his own phone number and email as the contact and reportedly made himself the beneficiary, according to officials.

According to court documents, he then allegedly transferred money from the victim’s new account and life insurance policies to bank accounts that he controlled.

Filipidis reportedly changed the mailing address, email and phone number on all the victim’s Wells Fargo accounts to his own information, allegedly to ensure the victim didn’t receive any notifications about what he was doing, according to court documents.

Between December 2018 and February 2019, Filipidis purportedly stole more than $800,000 of the victim’s funds for his personal use, according to court documents.

According to reports, Filipidis is reportedly facing a maximum of 20 years and a $250,000 fine for the wire fraud charge and a mandatory minimum term of two years in prison for the aggravated identity theft charge.

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Tags: , , , , , Last modified: October 8, 2019