Former S'ville financial adviser must repay $1.12M for fraud

2013-05-16T21:30:00Z 2013-05-16T21:45:18Z Former S'ville financial adviser must repay $1.12M for fraudTimes Staff
May 16, 2013 9:30 pm  • 

HAMMOND | A former Schererville financial adviser must repay $1.12 million and serve four years on probation for defrauding an elderly client out of more than $800,000.

Jennifer Guelinas' probation will include one year on home detention, according to documents filed Thursday in U.S. District Court in Hammond. She must pay the $1.12 million in restitution to Ameriprise Financial Services.

Guelinas pleaded guilty in May 2012 to wire fraud. In a plea agreement filed a month earlier, Guelinas admitted she forged her former client's name 80 times to transfer money from his account to her personal and business bank accounts and accounts belonging to her business partners.

Guelinas' former employer began looking into her actions after noticing a trend of wire transfers and discovering money had been sent to accounts controlled by Guelinas, court records state. Company policy prohibits advisers from commingling their fund with clients' money.

The company fired Guelinas in November 2010, records state.

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