MILWAUKEE, Wis. (WFRV) — A Milwaukee financial advisor has been sentenced to 30 months in federal prison following a conviction for a fraud scheme that targeted elderly victims.
According to the U.S. Department of Justice, 60-year-old Chris Kubiak of Milwaukee previously pleaded guilty to one count of wire fraud.
Kubiak worked as a financial advisor through Freedom Investors Corp and Calton & Asssociates Inc. In that role, Kubiak reportedly arranged to have funds withdrawn from several elderly clients’ investment accounts and mailed to their homes or wired to their bank accounts.
He falsely told the clients that the funds were bonuses or dividends that he would reinvest for them. He solicited personal checks from the clients, but rather than reinvesting the money as promised, Kubiak deposited the funds into his own checking account and used the money for gambling and other personal expenses.
The scheme spanned a period of five years and was ultimately discovered by a victim’s relative, who reported Kubiak to authorities.
A relative of one of the victims reportedly described the emotional and mental distress suffered by her loved one who had known and trusted Kubiak.
The charges against Kubiak were announced as part of the U.S. Department of Justice’s largest-ever nationwide elder fraud sweep on March 7, 2019.
The prison sentence will be followed by three years of supervised release. Kubiak also will be required to make restitution in the amount of $379,977 to the six victims named in the indictment.