Dean Dellas, a 40-year-old resident of Cazenovia, New York, was arraigned in federal court on charges of wire fraud and aggravated identity theft. The announcement was made by United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI).
The indictment states that from June 2021 to November 2023, Dellas operated as a financial advisor for clients' investment accounts in the Syracuse area. It is alleged that he fraudulently persuaded clients to sign documents allowing him to take excessive advisor fees from their accounts. Additionally, he allegedly induced clients to grant him trading and withdrawal authority over their accounts through misleading paperwork.
The documents reportedly misrepresented Dellas's relationship with his clients and falsely claimed he received no compensation for investment advice. They also inaccurately stated that clients wanted to engage in high-risk investments. To hide the fraud, Dellas allegedly concealed account statements and impersonated clients when communicating with brokerage firms. According to the indictment, he stole approximately $642,000 through unauthorized withdrawals and fees.
Dellas is presumed innocent until proven guilty. He has been released pending a trial scheduled later this year before Chief United States District Court Judge Brenda K. Sannes.
If convicted on wire fraud charges, Dellas faces up to 20 years in federal prison and a fine of $250,000 or twice any gain or loss determined by the court. The aggravated identity theft charges carry an additional sentence of two years' imprisonment consecutive to any other term imposed. Both charges include up to three years of supervised release.
The FBI is conducting the investigation with Assistant U.S. Attorneys Matthew J. McCrobie and Michael F. Perry prosecuting the case.
