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Thursday, September 25, 2014

Westport Financial Advisor Pleads Guilty

A federal judge has set sentencing for Dec. 4 for a Westport-based financial advisor and former member of the Stamford Board of Representatives who prosecutors said defrauded clients of more than $190,000.

Michael Lombardo, 38, of Stamford pleaded guilty Sept. 11 before a federal court in Hartford to one count of wire fraud, said Deirdre M. Daly, U.S. Attorney for the District of Connecticut.

Prosecutors said Lombardo worked for a Westport-based investment firm –- identified by Lombardo in his LinkedIn biography as David Lerner Associates –- from approximately September 2011 to February 2014.

During that period, he engaged in a scheme to defraud more than 20 of his investment clients by diverting more than $190,000 in client funds for his personal use, prosecutors said.

As part of his scheme, Lombardo submitted fraudulent requests to disburse a portion of the retirement accounts of clients, they said.

He would request that a disbursement check be sent, typically by overnight mail, to him at his Westport office, a news release said. After he received the check, he would forge the client’s signature on the back of the check and then cause the check to be deposited into his personal bank account.

Lombardo, who served as a Republican member of the Stamford Board of Representatives from November 2007 to 2013, faces a maximum term of imprisonment of 20 years and a fine of up to $250,000. 

As part of his plea agreement, he will be required to pay $191,068.73 in restitution, prosecutors said.

The case was investigated by the Westport Police Department, the U.S. Secret Service and the Connecticut Financial Crimes Task Force.  The case is being prosecuted by Assistant U.S. Attorney Ray Miller.

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Posted 09/25/14 at 09:15 AM  Permalink



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