A former employee of a New York investment advisory firm has admitted to stealing from the company and its clients, according to InsuranceNewsNet.
Federal prosecutors announced that 47-year-old Jennifer Campbell of Niagara Falls pleaded guilty to a single count of wire fraud. Campbell was office manager and chief compliance officer for an investment firm based in Buffalo, a position that gave her access to client accounts.
She allegedly used her access to steal over $500,000 from several clients and the firm from November 2018 to May 2021. The U.S. Attorney’s Office said Campbell wrote checks from client accounts, forged the signatures of clients or a principal at the firm, and deposited the checks into her personal account.
According to prosecutors Campbell took various steps to conceal the theft, including sending a false account statement to one victim that showed an account balance of about $148,000 when the account only had a balance of $93.
When investigators at the firm’s broker-dealer began raising questions about her potential fraud, Campbell allegedly gained access to the email accounts of the firm’s principals and diverted emails that had been sent regarding her transactions. She also used the accounts to send emails containing false statements and documents to make her conduct appear legitimate, prosecutors said.
Campbell was originally indicted on 23 counts of wire fraud and aggravated identity theft before pleading guilty to the count of wire fraud. She will face a maximum penalty of 20 years in prison and a $250,000 fine when she is sentenced on Feb. 27.
Lewitas Hyman routinely represents investors harmed when financial professionals and their firms engaged in misconduct that caused their clients investment losses. Our team includes lawyers who have worked for large financial institutions, including Morgan Stanley and UBS Financial Services, and regulatory bodies such as the SEC. If you think your financial professional or firm engaged in misconduct that caused you investment losses, contact Lewitas Hyman at (888) 655-6002 or through our online contact form at for a no-cost evaluation of your matter.