EL PASO, Texas (KTSM) — A former Morgan Stanley monetary advisor in El Paso was sentenced in federal court docket to 12 years in jail for committing a multi-million greenback fraud scheme, based on the U.S. Lawyer’s Workplace from the Western District of Texas.
Docs: Man steals over $220K, faces multiple fraud charges
The U.S. Lawyer’s Workplace says Jesus Rodriguez de la Cruz, 46, defrauded his monetary providers employer, Morgan Stanley, and purchasers by means of materially false pretenses, representations, and guarantees from Might 2018 to August 2021.
Rodriguez de la Cruz orchestrated fraudulent transfers of funds from the financial institution accounts of Morgan Stanley and purchasers to different financial institution accounts for his personal profit, the U.S. Lawyer’s Workplace mentioned.
In a single occasion, Rodriguez de la Cruz created false communications and paperwork impersonating a consumer and submitted them to Morgan Stanley personnel to trigger “fraudulent transfers on the consumer’s line of credit score account for private revenue,” the U.S. Lawyer’s Workplace mentioned.
Considered one of these included a type that falsely claimed the consumer had verbally approved the switch of $48,575.36 for the acquisition of actual property in El Paso. Morgan Stanley initiated the wire switch from the consumer’s account to a separate checking account that belonged to one in every of Rodriguez de la Cruz’s relations, based on the U.S. Lawyer’s Workplace.
Rodriguez de la Cruz additionally bought a Lamborghini after a fraudulent switch of about $125,000 from a consumer’s account that was transferred to a different account. He didn’t report any of the embezzled funds as earnings on his tax returns from 2017 by means of 2021.
In whole, Morgan Stanley misplaced over $5 million over Rodriguez de la Cruz’s schemes, the U.S. Lawyer’s Workplace mentioned.
Rodriguez de la Cruz was indicted by a federal grand jury in December 2023 and was arrested in January 2024.
He then pleaded responsible in November to 1 depend of wire fraud, one depend of partaking in a financial transaction over $10,000 utilizing criminally derived proceeds, one depend of aggravated id theft, and one depend of creating and subscribing a false earnings tax return.
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