FOR IMMEDIATE RELEASE
April 2, 2009
WWW.USDOJ.GOV/USAO/MA
CONTACT: CHRISTINA DiIORIO-STERLING
PHONE: (617)748-3356
E-MAIL: USAMA.MEDIA@USDOJ.GOV
MARBLEHEAD INVESTMENT ADVISOR CONVICTED OF DEFRAUDING ELDERLY CLIENTS
BOSTON, MA - A Marblehead investment advisor pled guilty yesterday to wire fraud in connection with a scheme to defraud two of his clients.
United States Attorney Michael J. Sullivan and Warren T. Bamford, Special Agent in Charge - Boston Field Division, announced that RYAN NESTOR, age 32, of Marblehead, MA pled guilty to two counts of wire fraud, admitting that he defrauded two investment clients out of more than $750,000.
At yesterday’s plea hearing, the prosecutor told the Court that NESTOR, a former registered representative for a Mass Mutual related entity, misappropriated more than $750,000 in client funds by investing those funds, without the knowledge or consent of his two elderly victims, in an entity that turned out to be a massive Ponzi scheme. NESTOR invested the client funds pursuant to an agreement whereby NESTOR expected to receive a portion of the returns on the improper investments.
Chief Judge Wolf scheduled the sentencing for August 6, 2009. NESTOR faces up to 30 years in prison, to be followed by five years of supervised release and a $1,000,000 fine on each charge.
This case was investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant U.S. Attorney Sarah E. Walters of Sullivan’s Economic Crimes Unit.
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