A financial consultant spent more than $4 million of his client on gambling and real estate

He told the victim and the employer that it was an investment.

In the US, a financial consultant was charged with embezzling more than $4 million that belonged to his client. The money was spent on gambling and real estate.

The crime occurred between 2019 and 2021. During this time, the financial consultant worked for Valeo Financial Advisors, Indiana. This is reported by Gambling News.

According to the prosecutor's office, consultant C. T. (full name withheld) embezzled $4.69 million from a client. He pleaded guilty to fraud and filing a false tax return.

In addition to pleading guilty to two criminal charges, he agreed to pay $1.73 million to the Internal Revenue Service (IRS) and $4.69 in restitution.

Cards, money, real estate

The financial consultant worked at Valeo Financial Advisors from 2012 to 2022. After the fraud became known, he was fired, and the company later agreed to cooperate with the investigation. Valeo also said that the scam involved only one employee and one customer.

It is noted that the financial consultant took advantage of the fact that the client often invested in real estate. He transferred money from the victim's account to his company SCNT LLC. And he told the client and the company that this is an investment.

Exactly how the fraud was discovered is not reported.