Gary M. Restaino, U.S. Attorney | U.S. Attorney for the District of Arizona
Ronald Diaz, a former financial advisor with Morgan Stanley, has been sentenced to 22 months in prison by United States District Judge Scott H. Rash. The sentencing follows Diaz's guilty plea to wire fraud on July 18, 2024.
Diaz was involved in a fraudulent scheme targeting one of his elderly clients. He misled the client into investing in a supposed "annuity" that promised a 10% return. From November 2020 to July 2022, Diaz orchestrated the transfer of $970,000 from the victim to his family members under false pretenses. These funds were largely redirected back to Diaz for personal use, including gambling, purchasing a Range Rover, paying off credit card debt, remodeling his pool, and covering mortgage payments.
Despite making some interest payments to maintain the victim's trust and secure additional funds, none of the money was invested legitimately. The victim passed away during the investigation. As part of his sentence, Diaz must pay $867,510.37 to the victim’s next of kin as restitution for their loss.
The Federal Bureau of Investigation led the investigation with prosecution managed by the United States Attorney’s Office in Tucson.
