NY Broker Stole $686K by Forging Documents, Impersonating Clients

Full analysis

Dean Dellas, 42, a former Merrill Lynch and Pinnacle Investments broker based in Cazenovia, N.Y., was sentenced to 70 months in prison after pleading guilty to wire fraud and aggravated identity theft. From June 2021 through November 2023, he fraudulently induced clients in the Syracuse area to sign paperwork authorizing excessive advisor fees and granting him trading and withdrawal authority over their accounts — while the paperwork falsely stated he received no compensation for investment advice. To hide the scheme, Dellas concealed account statements from clients and at times impersonated them in communications with brokerage firms. A federal judge ordered him to pay $686,797 in restitution to victims.