A Cazenovia financial adviser admitted stealing nearly $686,000 from clients by taking unauthorized fees and withdrawals from their investment accounts.
Dean Dellas, 41, pleaded guilty Feb. 26 in federal court in Syracuse to wire fraud and aggravated identity theft.
Prosecutors said that from at least June 2021 through November 2023, Dellas acted as a financial adviser for clients in the Syracuse area.
Dellas admitted he fraudulently induced clients to sign paperwork allowing him to collect adviser fees far higher than agreed. In other cases, he persuaded clients to grant him trading and withdrawal authority over their accounts.
According to court documents, the account paperwork misrepresented Dellas’s relationship with clients and falsely stated he received no compensation for providing investment advice. The documents also falsely indicated that clients wanted to pursue high-risk investments.
To conceal the scheme, Dellas admitted he hid account statements and at times impersonated clients when communicating with brokerage firms.
Authorities said he stole approximately $686,000 through unauthorized withdrawals and fees.
Sentencing is scheduled for June 22 before Chief U.S. District Judge Brenda K. Sannes. Dellas faces a mandatory minimum of two years in prison and up to 22 years, along with a possible fine of up to $250,000 and up to three years of supervised release. He agreed to pay restitution to his victims.
The FBI investigated the case.
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