Swampscott Financial Advisor Pleads Guilty to Stealing Former Client’s Retirement Assets

 BOSTON – A Swampscott financial advisor pleaded guilty yesterday in federal court in Boston to defrauding an elderly victim and her bank by stealing the victim’s retirement assets.

Felix Gorovodsky, 29, pleaded guilty to one count of bank fraud. U.S. District Court Judge Denise J. Casper scheduled sentencing for Sept. 14, 2021.

Gorovodsky served as a financial advisor for the victim. In or about July 2019, the victim terminated that advisor relationship and revoked the power of attorney she had previously granted him. Approximately nine months later, Gorovodsky accessed and liquidated the victim’s bank account, transferring more than $250,000 into his own bank account. Gorovodsky then used the victim’s stolen retirement funds for personal expenses, including paying off more than $100,000 in federal student loans. As part of the scheme, Gorovodsky forged the victim’s signature on a purported “gift letter,” which he sent to the bank in an attempt to legitimize the fraudulent transfer.

Pursuant to the terms of the plea agreement, the parties have agreed to a sentence, subject to the Court’s approval, of 33 months in prison, two years of supervised release and restitution of at least $318,000.

The charge of bank fraud provides for a sentence of up to 30 years in prison, five years of supervised release and a fine of up to $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

Acting United States Attorney Nathaniel R. Mendell and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement. The Department of Education, Office of Inspector General provided valuable assistance with the investigation. Assistant U.S. Attorney Ian Stearns of Mendell’s Securities, Financial & Cyber Fraud Unit is prosecuting the case.