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FISHERS, Ind. — A Fishers investment advisor was jailed for embezzling $4.6 million, according to the United States Department of Justice.
Christopher Turean, 43, was sentenced to four years in federal prison after pleading guilty to wire fraud and filing a false tax return.
“Turean abused his position of trust by stealing from his investors for his own selfish purposes. He not only violated the law, but he also betrayed the trust and confidence of his investors who relied on him to act in their best interests,” said Justin Campbell, Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office.
“This case should serve as a stark reminder of the vital importance of safeguarding one’s personal finances and remaining vigilant against those who seek to exploit their positions of trust for personal gain.”
According to court documents, from Sept. 2012 to Feb. 2022, Turean was employed as an investment advisor. In 2015, an individual deposited their personal funds into an investment account that was managed by Turean.
On July 16, 2019, Turean created a company called “SCNT LLC” and opened a bank account that he alone controlled. Turean began to transfer the money into his SCNT account. He then used the victim’s investment money to gamble and pay down a home equity loan on his home.
Turean would conceal the crime by sending fraudulent updates describing the embezzled funds as investments in real estate.
Turean stole exactly $4,692,500 from the victim. Because he did not report the stolen money on his taxes, he owes $1,745,426.
“Investors have a right to trust that professionals obligated to act in their best interests aren’t stealing their hard-earned money,” said Zachary A. Myers, U.S. Attorney for the Southern District of Indiana.
“This criminal used his position as a trusted professional to steal nearly five million dollars, and ten concealed nearly two million dollars in taxes owed. The serious prison sentence imposed here demonstrates the commitment of IRS-CI and our federal prosecutors to aggressively prosecute financial crimes and hold fraudsters accountable.”
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