You are here

Justice News

Department of Justice
U.S. Attorney’s Office
District of Massachusetts

Tuesday, September 14, 2021

Swampscott Financial Advisor Sentenced for Stealing Former Client's Retirement Assets

BOSTON – A Swampscott financial advisor was sentenced today in federal court in Boston for defrauding an elderly victim and her bank by stealing the victim’s retirement assets.

Felix Gorovodsky, 29, was sentenced by U.S. District Court Judge Denise J. Casper to 33 months in prison and two years of supervised release. Gorovodsky was also ordered to pay restitution of $310,492. On May 11, 2021, Gorovodsky pleaded guilty to one count of bank fraud.

Gorovodsky served as a financial advisor for the victim. In or about July 2019, the victim terminated that advisor relationship and revoked the power of attorney she had previously granted Gorovodsky. Approximately nine months later, Gorovodsky accessed and liquidated the victim’s bank account, transferring more than $250,000 into his own bank account. Gorovodsky then used the victim’s stolen retirement funds for personal expenses, including paying off more than $100,000 in federal student loans. As part of the scheme, Gorovodsky forged the victim’s signature on a purported “gift letter,” which he sent to the bank in an attempt to legitimize the fraudulent transfer.

Acting United States Attorney Nathaniel R. Mendell and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement. The Department of Education, Office of Inspector General provided valuable assistance with the investigation. Assistant U.S. Attorneys Ian J. Stearns and Mackenzie A. Queenin of Mendell’s Securities, Financial & Cyber Fraud Unit prosecuted the case.

Financial Fraud
Updated September 14, 2021