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Westport Investment Adviser Who Defrauded Clients Gets One Year In Prison

STAMFORD, Conn. -- A 38-year-old Stamford man will serve a year and a day in federal prison for defrauding more than 20 of his investment clients of over $190,000 when he worked for David Lerner Associates in Westport, the U.S. attorney said. 

A Stamford man who defrauded clients was found guilty on Wednesday.

A Stamford man who defrauded clients was found guilty on Wednesday.

Photo Credit: File

Michael Lombardo Jr. was sentenced Wednesday by Senior U.S. District Judge Alfred V. Covello in Hartford federal court, said U.S. Attorney Deirdre M. Daly. Lombardo will also serve three years of supervised release.

According to court documents and statements made in court, Lombardo worked for David Lerner Associates, providing investment services and financial advice to its clients on retirement savings and other investments.

From September 2011 to February 2014, Lombardo defrauded more than 20 clients by diverting more than $190,000 in their funds for his personal use.

As part of his scheme, Lombardo submitted fraudulent requests to disburse a portion of the retirement accounts of clients. He would request that a disbursement check be sent, typically by overnight mail, to him at his Westport office. After he received the check, he would forge the client’s signature on the back of the check and deposit into his personal bank account.

As part of his sentence, Lombardo was ordered to pay $191,068.73 in restitution.

On Sept. 11, Lombardo pleaded guilty to one count of wire fraud in the case.

This case was investigated by the Westport Police Department and the U.S. Secret Service and was prosecuted by Assistant U.S. Attorney Ray Miller.

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