A former financial advisor from the Seattle area, Michael P. Raineri, was sentenced to 32 months in prison for wire fraud after stealing more than $500,000 from a client’s trust account over six years. The sentencing took place in U.S. District Court in Seattle and was announced by Acting U.S. Attorney Teal Luthy Miller.
Raineri, 63, took $531,411 from his client’s trust between 2016 and 2020. U.S. District Judge Ricardo S. Martinez stated at the hearing that Raineri exploited someone who had placed significant trust in him as a financial expert. Judge Martinez said, "The majority of Americans look to financial advisors as expert in their field, similar how people go to doctors. These people trust these experts with their life."
Court records show that the victim inherited about $2 million through a revocable trust in 2013 and assembled a team of advisors, including Raineri, to help manage the funds. The victim made it clear he wanted to avoid risk and use the money for retirement.
Over ten years, Raineri remained involved with the victim's finances even after switching firms. He persuaded the victim to give him blank checks, power of attorney, and access to his apartment under false pretenses. Using these tools, Raineri defrauded the client by writing twelve blank checks totaling $397,000—moving money through another client's account before depositing it into his own—and later transferring an additional $115,226 directly into his personal account. He also used funds from the victim’s account to pay for his luxury car lease.
The theft was discovered in 2022 when concerns about account balances led the victim to conduct an audit.
Raineri was indicted on wire fraud charges in November 2024 and pleaded guilty in June 2025.
Assistant United States Attorney Sanaa Nagi sought a 41-month sentence and wrote that Raineri not only stole money but also betrayed his client’s trust: “He had to begin working full time to have enough money to live. Now, instead of travelling and enjoying what would be his retirement years, (the victim) works at least 40 hours a week… making approximately $24 an hour. A recent wrist injury and his advanced age make his work difficult at times. He has to live more frugally than ever before.”
Judge Martinez ordered Raineri to pay full restitution of $531,411 and imposed three years of supervised release after prison.
The FBI investigated the case, which was prosecuted by Assistant United States Attorney Sanaa Nagi.
