Stamford Man Who Defrauded Investment Clients Of $191k Sentenced To Prison
Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that MICHAEL LOMBARDO, Jr., 38, of Stamford, was sentenced today by Senior U.S. District Judge Alfred V. Covello in Hartford to 12 months and one day of imprisonment, followed by three years of supervised release, for defrauding more than 20 of his investment clients.
According to court documents and statements made in open court, LOMBARDO worked for David Lerner Associates, Inc., a Westport-based company that provided investment services. LOMBARDO provided financial advice to the company’s clients with respect to their retirement savings and other investments. From approximately September 2011 to February 2014, LOMBARDO defrauded more than 20 clients by diverting more than $190,000 in client funds for his personal use. As part of his scheme, LOMBARDO submitted fraudulent requests to disburse a portion of the retirement accounts of clients. LOMBARDO would request that a disbursement check be sent, typically by overnight mail, to him at his Westport office. 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.
As part of his sentence, LOMBARDO was ordered to pay $191,068.73 in restitution.
On September 11, 2014, LOMBARDO pleaded guilty to one count of wire fraud.
This case was investigated by the Westport Police Department and the United States Secret Service and was prosecuted by Assistant U.S. Attorney Ray Miller.
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