{"id":300317,"date":"2023-11-23T19:22:56","date_gmt":"2023-11-24T01:22:56","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=300317"},"modified":"2023-11-24T11:23:38","modified_gmt":"2023-11-24T17:23:38","slug":"indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/","title":{"rendered":"Indiana Financial Adviser Siphoned $4.6M for Sports Betting, Expenses"},"content":{"rendered":"

A rogue financial adviser from Indianapolis<\/a> looted a client\u2019s investment account of $4.6 million and splurged on sports betting, according to prosecutors. He pleaded guilty this week to a count each of wire fraud and tax fraud.<\/p>\n

\"Christopher
Christopher Turean, pictured above in promotional literature for Valeo Financial Advisors. He was fired by the firm in February 2022 after his indiscretions came to light. (Image: VFA)<\/figcaption><\/figure>\n

Christopher Turean was a certified financial planner at Valeo Financial Advisors in Carmel, Ind., an Indianapolis suburb, from September 2012 until February 2022, when the fraud was uncovered.<\/p>\n

Valeo\u2019s name was not mentioned in court documents, where it is referred to only as \u201cCompany A.\u201d But the firm fully disclosed in February 2022 that Turean had been fired for \u201cmisappropriation of customer funds\u201d in a public filing to the Securities Exchange Commission.<\/p>\n

DraftKings, FanDuel Bettor<\/strong><\/h2>\n

This involved Turean transferring $4,692,500 from a client, known only in court filings as Victim 1, according to prosecutors. From July 2019, the money was moved in tranches into a limited liability company, SCNT, controlled by Turean. From there, he transferred it to his personal account.<\/p>\n

The client approved the transfers because he believed Turean had his best interests at heart, according to court documents.<\/p>\n

Meanwhile, Turean falsely represented to the victim that money placed with SCNT was being invested in real estate. He even provided a false Net Worth statement stating that Victim 1 had $1.2 million invested in \u201cSCNT LLC Real Estate Fund\u201d which was comprised of \u201cfive properties.<\/p>\n

Victim 1 became a client of Turean in 2015, and the defendant initially invested money \u201cprudently, frequently in real estate,\u201d according to the plea agreement.<\/p>\n

\n

But from July 2019, Turean began using the victim\u2019s money as his own personal piggy bank, paying off debts and \u201cfrequently\u201d placing sports bets on sites including DraftKings<\/a> and Fanduel<\/a>, prosecutors said. <\/strong><\/p>\n<\/div>\n

He also put more than $1 million of Victim 1\u2019s money toward a home equity line of credit tied to his personal residence.<\/p>\n

Tax Dodge<\/strong><\/h2>\n

Turean misreported his taxable income to the IRS, culminating in a charge of filing a false tax return. As part of his plea agreement, he has agreed full restitution to Victim 1, as well as an additional $1,725,246 in restitution to the IRS.<\/p>\n

Turean held 11 years of securities industry experience, according to the SEC. But in September 2022, the Certified Board of Financial Planners announced it had revoked Turean\u2019s right to use the CFP certifications marks.<\/p>\n

The wire fraud charge carries a prison sentence of up to 20 years. A sentencing date has not yet been set by the court.<\/p>\n","protected":false},"excerpt":{"rendered":"

A rogue financial adviser from Indianapolis looted a client\u2019s investment account of $4.6 million and splurged on sports betting, according to prosecutors. He pleaded guilty this week to a count each of wire fraud and tax fraud. Christopher Turean was a certified financial planner at Valeo Financial Advisors in Carmel, Ind., an Indianapolis suburb, from […]<\/p>\n","protected":false},"author":36,"featured_media":300318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[88899,81842,81841,88900],"acf":[],"yoast_head":"\nIndiana Financial Adviser Siphoned $4.6M for Sports Betting, etc.<\/title>\n<meta name=\"description\" content=\"Christopher Turean stole 4.6 million from a client known as \u201cVictim A\u201d and used it for DraftKings and FanDuel betting, etc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indiana Financial Adviser Siphoned $4.6M for Sports Betting, etc.\" \/>\n<meta property=\"og:description\" content=\"Christopher Turean stole 4.6 million from a client known as \u201cVictim A\u201d and used it for DraftKings and FanDuel betting, etc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-24T01:22:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-24T17:23:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/chris.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"875\" \/>\n\t<meta property=\"og:image:height\" content=\"653\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/\",\"url\":\"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/\",\"name\":\"Indiana Financial Adviser Siphoned $4.6M for Sports Betting, etc.\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/chris.jpg\",\"datePublished\":\"2023-11-24T01:22:56+00:00\",\"dateModified\":\"2023-11-24T17:23:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Christopher Turean stole 4.6 million from a client known as \u201cVictim A\u201d and used it for DraftKings and FanDuel betting, etc.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/indiana-financial-adviser-siphoned-4-6m-for-sports-betting-expenses\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/chris.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/chris.jpg\",\"width\":875,\"height\":653,\"caption\":\"Christopher Turean, pictured above in promotional literature for Valeo Financial Advisors. 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