Citigroup and Wells Fargo Advisor Charged with Defrauding Clients in Movie Investment Scam

Posted on March 11th, 2024 at 1:44 PM
Citigroup and Wells Fargo Advisor Charged with Defrauding Clients in Movie Investment Scam

From the desk of Jim Eccleston at Eccleston Law 

Helen Grace Caldwell, a former Illinois financial advisor with Citigroup and Wells Fargo, is facing federal wire fraud charges for allegedly cheating three clients out of $1.5 million through a fraudulent movie investment scheme.

According to Financial Advisor, the federal charges accuse Caldwell of soliciting bank clients, including elderly individuals, to invest in purported movie productions while diverting the funds for personal use. Caldwell, whom FINRA barred for similar allegations, faces up to 20 years in prison if convicted. The U.S. Attorney's Office contends that she persuaded victims to liquidate other assets to fund her movie investments, creating Canal Productions LLC to facilitate the fraud.

The investments instead were funneled into Caldwell's personal bank account. The charges highlight a pattern of misconduct that led to her dismissal from both Citigroup and Wells Fargo, with Form U-5 termination disclosures citing outside business activities.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

I am so glad I found you! Wow! I appreciate your help, concern and guidance.

RB

LATEST NEWS AND ARTICLES

May 3, 2024
Court Grants Former Advisor Temporary Protection in Legal Battle Against Hightower Holdings

In a legal battle between a former advisor and Hightower Holdings, a Washington state court has issued a temporary restraining order (TRO) against the Chicago-based firm.

May 3, 2024
Attorney Eccleston Receives America's Most Honored Lawyers Award

James Eccleston has been recognized as one of America's Most Honored Lawyers by The American Registry. 

May 2, 2024
FINRA Bars Former E-Trade Broker for Refusal to Cooperate in Investigation

Matthew J. Chimento, a former broker at E-Trade Securities in Alpharetta, Georgia, has been barred by FINRA for failing to provide information and documents related to allegations of unauthorized fund transfers from a client's account.