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Justice News

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

FOR IMMEDIATE RELEASE
Friday, January 22, 2021

Swampscott Man Charged with Bank Fraud

BOSTON – A Swampscott man was arrested and charged today with bank fraud in connection with a scheme to defraud an elderly victim and her bank by stealing the victim’s retirement assets.

Felix Gorovodsky, 29, was charged by criminal complaint with one count of bank fraud. 

As alleged in the complaint, Gorovodsky previously served as a financial advisor and power of attorney, with fiduciary responsibilities, for the elderly victim. The elderly victim, however, terminated that advisor relationship and revoked the power of attorney in July 2019.  Approximately nine months after he was notified that the victim had terminated the relationship, Gorovodsky accessed and liquidated the victim’s bank account, transferring more than $250,000 of the victim’s retirement assets into his own bank account. Gorovodsky then used the stolen funds for personal expenses, including paying off more than $100,000 in federal student loans.  To legitimize the transfer, Gorovodsky forged the victim’s signature on a purported “gift letter,” that he sent to the bank in an attempt to legitimize the fraudulent transfer.

The charge of bank fraud provides a sentence of up to 30 years in prison, five years of supervised release and a fine of up to $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

United States Attorney Andrew E. Lelling and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division made the announcement today.  The Department of Education, Office of Inspector General provided valuable assistance with the investigation. Assistant U.S. Attorney Ian Stearns of Lelling’s Securities, Financial & Cyber Fraud Unit is prosecuting the case.

The details contained in the charging documents are allegations.  The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

Topic(s): 
Financial Fraud
Component(s): 
Updated January 22, 2021