Former Ladue Financial Advisor Sentenced on Federal Fraud Charges
St. Louis, MO – GREG J. CAMPBELL was sentenced to 38 months in prison, restitution in the amount of $1,851,956 and ordered the forfeiture of his home in Ladue. He earlier pled guilty to diverting over $1.8 million from client retirement accounts to finance his luxury home, cars and lifestyle. He was sentenced October 9 by United States District Judge Audrey G. Fleissig.
According to court documents, from June 2006 until October 2011, Campbell was employed as a financial advisor at Merrill Lynch. Campbell managed clients' Loan Management Accounts (LMAs), which were lines of credit collateralized by securities. Beginning in September 2007 and continuing until the end of his employment in October 2011, Campbell fraudulently diverted more than $1.4 million from LMAs to his own personal accounts and the accounts of others and for his own personal use. He used the money for a down payment on a personal residence, mortgage payments, lease payments on luxury vehicles and living expenses.
In November 2011, Campbell began working as a Senior Wealth Manager for Four Seasons Wealth Management (Four Seasons) in Clayton. Four Seasons was a company that offered securities and advisory services to clients through LPL Financial, LLC, a securities broker-dealer (LPL). Campbell was employed at Four Seasons until October 2012 and managed clients' individual retirement accounts (IRAs). Between November 2011 and October 2012, Campbell diverted funds from his clients' IRAs to his own personal accounts. Campbell took various steps to conceal his fraud. He changed the mailing addresses on clients' accounts, without their knowledge, to an address to which he had access so that clients would not receive account statements. In at least one instance, Campbell falsely stated on distribution documents that he was the client's grandson, when he was not related to the client. During his tenure at Four Seasons, Campbell fraudulently diverted more than $360,000 from client accounts. Campbell used fraudulently diverted funds to pay for personal expenses, including renovations to his personal residence, mortgage payments, vehicle lease payments and living expenses.
Campbell, Ladue, MO, pled guilty last June to two felony counts of wire fraud.
This case was investigated by the Federal Bureau of Investigation. Assistant United States Attorney Reginald Harris is handling the case for the U.S. Attorney's Office.