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.
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