DOJ v. Dean Dellas

Dean Dellas admitted that beginning no later than June 2021 through November 2023, he acted as a financial advisor for the investment accounts of clients. Dellas allegedly induced those clients to sign paperwork that authorized Dellas to take advisor fees from their accounts well in excess of what they actually agreed to. For other accounts, Dellas allegedly induced the clients to sign paperwork granting him trading and withdrawal authority over their accounts. The account-opening paperwork misrepresented Dellas’s relationship to the clients and falsely stated that Dellas received no compensation for providing investment advice, according to the indictment. Dellas further admitted that to conceal the fraud, he took steps to conceal account statements from his clients and at times impersonated clients in communicating with brokerage firms. Dellas admitted that he stole approximately $686,000 from his victims through unauthorized withdrawals and advisor fees.

Summary generated from official Department of Justice press release