U.S. Attorney: Advisor sentenced to 4 years in federal prison for embezzling $4.6M

According to court documents, from September 2012 to February 2022, Turean was employed as an investment advisor. Sometime around 2015, the victim individual became one of Turean's clients. The victim deposited their personal funds into an investment account managed by an investment company, and Turean was to invest this money on the victim's behalf.

On July 16, 2019, Turean created a company called "SCNT LLC" and opened a bank account that he alone controlled. Turean quickly began to transfer money from the victim's investment account to his SCNT account. Turean then used the victim's investment money to gamble and pay down a home equity loan on his house. Turean concealed his illegal activity from his employer and the victim by sending fraudulent updates describing the embezzled funds as investments in real estate.

In total, Turean stole $4,692,500 from the victim. He also failed to report the illicit income on his taxes, filing false returns that concealed approximately $1,745,246 in taxes owed.

"Investors have a right to trust that professionals obligated to act in their best interests aren't stealing their hard-earned money," said Zachary A. Myers, U.S. Attorney for the Southern District of Indiana. "This criminal used his position as a trusted professional to steal nearly five million dollars, and ten concealed nearly two million dollars in taxes owed. The serious prison sentence imposed here demonstrates the commitment of IRS-CI and our federal prosecutors to aggressively prosecute financial crimes and hold fraudsters accountable."

"Turean abused his position of trust by stealing from his investors for his own selfish purposes. He not only violated the law, but he also betrayed the trust and confidence of his investors who relied on him to act in their best interests," said Justin Campbell, Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. "This case should serve as a stark reminder of the vital importance of safeguarding one's personal finances and remaining vigilant against those who seek to exploit their positions of trust for personal gain."

IRS Criminal Investigation investigated this case. The sentence was imposed by U.S. District Court Judge Matthew P. Brookman. Judge Brookman also ordered that Turean be supervised by the U.S. Probation Office for three years following his release from federal prison and pay $6,417,746 in restitution.

U.S. Attorney Myers thanked Assistant United States Attorney Adam Eakman, who prosecuted this case.

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Original text here: https://www.justice.gov/usao-sdin/pr/fishers-investment-advisor-sentenced-four-years-federal-prison-embezzling-46-million