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You are here: Home Oradell Oradell investment advisor pleads guilty to embezzling over $1 million from elderly clients

Oradell, NJ News

Oradell investment advisor pleads guilty to embezzling over $1 million from elderly clients

PrimeVest Financial ServicesNEWARK, N.J. – An Oradell man pleaded guilty today to a one-count Information charging embezzlement in connection with his theft of over $1 million from the accounts of eight elderly clients.

 

Brian Anderson, 45, pleaded guilty before U.S. District Judge William H. Walls. Judge Walls released the defendant on a $500,000 bond pending sentencing, which is scheduled for June 29.

At his plea hearing, Anderson admitted that from 2002 through 2006, as a registered representative of broker-dealer PrimeVest Financial Services, Inc. in Jersey City, New Jersey, he stole over $1 million from the bank accounts of elderly clients by misleading them into believing that he would invest their money. Instead, Anderson deposited the money into an account under his control and kept it for his own personal use.

According to statements made by Anderson during his plea hearing, Anderson was employed as a registered representative by PrimeVest Financial Services, which maintained an agreement with The Provident Bank whereby Anderson offered investment services to clients of The Provident Bank. Anderson worked on the premises of various branches of The Provident Bank in New Jersey.

Anderson admitted that he took advantage of his relationship with The Provident Bank to recruit bank clients to invest their money with him. Anderson further admitted that from 2002 through 2006, he stole money from eight of his elderly clients at the Jersey City, New Jersey branch by telling them that he would invest their money at PrimeVest Financial Services and having them withdraw money from their accounts at The Provident Bank and at Investors Savings Bank.

However, rather than investing his clients' money as promised, Anderson acknowledged that he stole over $1,000,000 from them.

The Information charges Anderson with embezzlement by a person connected to a federally-insured bank, which carries a maximum statutory penalty of 30 years in prison. The charge carries a maximum fine of $1,000,000.


BERGEN COUNTY NEWS LOCATION: Oradell NJ, Oradell New Jersey

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