Former ING adviser, tripped up by surprise audit, could get 8 years for fraud

Federal prosecutors are seeking an eight-year sentence for a Kirkland, Wash., financial adviser who stole more than $12 million from 42 clients.
APR 07, 2010
Federal prosecutors are seeking an eight-year sentence for a Kirkland, Wash., financial adviser who stole more than $12 million from 42 clients. Rhonda Breard is being sentenced this afternoon at U.S. District Court in Seattle. She pleaded guilty in April to one count of mail fraud, admitting that she concealed the theft by mailing the clients fake account statements. In March, she was barred from the securities industry by the Financial Industry Regulatory Authority. She used the money on three expensive homes, travel, jewelry, and more than two dozen vehicles, according to government documents, which she reportedly tried to sell at the end of February, several weeks after she attempted suicide. Ms. Breard was licensed to sell securities through Des Moines, Iowa-based ING Financial Partners — which, during a surprise audit, uncovered a secret set of files Mr. Breard maintained that detailed her misdealings. ING has settled with 16 of Ms. Breard's victims, the Seattle Times reported, citing government documents, adding that the firm is currently in negotiations with other clients who lost money in Ms. Breard's fraud scheme. Breard's attorney has recommended a sentence of about 5½ years, saying she cooperated fully once she was caught.

Latest News

Veteran Calif. advisor at center of $50M customer complaint sidesteps Morgan Stanley’s clawback
Veteran Calif. advisor at center of $50M customer complaint sidesteps Morgan Stanley’s clawback

Sam Su worked at UBS Financial Services in San Francisco from 2008 to 2023 before jumping to Morgan Stanley.

RIA moves: Beacon Pointe buys $905M firm, ASN lands Commonwealth team
RIA moves: Beacon Pointe buys $905M firm, ASN lands Commonwealth team

Wealthspire’s Ground Control is also expanding in London, adding a business manager focused on music and global touring

Investor alleges Arbor Realty Trust misled market on $1.25B loan mess
Investor alleges Arbor Realty Trust misled market on $1.25B loan mess

The REIT allegedly promised investors a fix while the problem grew by $200M.

When is one fund really a substitute for another?
When is one fund really a substitute for another?

Fund categories are a useful starting point – but they can hide meaningful differences.

John Hancock and Great Gray bring private markets into target-date CITs
John Hancock and Great Gray bring private markets into target-date CITs

New Lifetime Blend+ suite aims to help 401(k) savers build retirement income beyond traditional public market allocations.

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.