Roseville Financial Advisor Sentenced for Ripping Off Clients
Michelle Lee Kern, 36, of Sacramento, was sentenced today by United States District Judge Morrison C. England Jr. to 46 months in prison and ordered to pay $642,625 in restitution for financial advisor fraud, United States Attorney Benjamin B. Wagner announced.
According to court documents, Kern worked as a licensed financial advisor at Ameriprise Financial Services Inc. in Roseville between 2009 and December 2012. While working as a financial advisor, Kern stole $642,625 from approximately 20 clients by making wire transfers from client accounts to Kern's own bank accounts and credit cards. Kern also forged client signatures on checks. According to victim statements read in court, Kern's theft made it difficult for some victims to retire, support disabled children, and pay for college.
"Kern abused her role as a trusted, licensed financial advisor to defraud her clients for personal gain. Her actions clearly demonstrated disregard for the perilous financial situation her clients ultimately faced when they became victims of the fraud," said Special Agent in Charge Monica M. Miller of the Sacramento division of the Federal Bureau of Investigation. "Investigation and prosecution of financial fraud is a top priority for the FBI, particularly such that is committed by those entrusted to safeguard funds."
While awaiting sentencing in this case, Kern was charged in Placer County with embezzling from her church. That case is pending, and Kern is presumed innocent of those charges, unless and until proven guilty.
This case was the product of an investigation by the Federal Bureau of Investigation. Assistant United States Attorney Michael D. Anderson prosecuted the case.
Kern was ordered to turn herself in to the Bureau of Prisons on September 11, 2014, to begin serving her sentence.
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News HeadlinesSantucci Memorial Golf Tournament slated for SeptemberRoseville, Calif., - The 14th annual Bill Santucci Memorial Golf Tournament will take place Friday, Sept. 29 at Sierra View Country Club in Roseville.
PlacerArts Presents the 24th Annual Auburn Art WalkAuburn, CA - The annual Auburn Art Walk presented by PlacerArts will take place on Friday, Aug. 4
California Fire Updates (7.19.17)California Fire Updates 2017: Approximately 6,000 firefighters are battling 17 large wildfires in California.
Celebration for New Roseville Center for Sierra CollegeRoseville, Calif., - Sierra College invites the public to see its state-of-the-art classrooms and facilities at the new Roseville Center location in the heart of Roseville's Town Square
Paul Bancroft appointed to Sierra College BoardTruckee, CA -Kings Beach resident Paul Bancroft has been appointed to the Sierra College Board of Trustees. Bancroft will represent Area 2 and replaces Dave Ferrari who retired
Walmart Pays to Resolve Allegations of Violating Federal False Claims ActSACRAMENTO, Calif. - Wal-Mart Stores Inc. has paid $1.65 million to resolve allegations that it violated the federal False Claims Act when it knowingly submitted claims
Viva la Tomato at the Midtown Farmers MarketSACRAMENTO, Calif. - The Midtown Association (MA) is pleased to announce exciting special activities happening in July - many designed to celebrate Sacratomato Week
Woodcreek Oaks Boulevard Expansion in RosevilleRoseville, CA- Expect delays for the next few months if you plan on traveling down Woodcreek Oaks Boulevard.
Granite Arch on Alzheimer's Memorial Wall a Tribute to President Ronald ReaganSacramento, CA - East Lawn Memorial Park is proud to unveil a granite arch on its historic Alzheimer's Memorial Wall on Saturday, July 22 at 10 a.m
Roseville and Lincoln to Host Senior Softball ChampionshipsRoseville, Calif - The 17th Annual Senior Softball Western National Championships will arrive in Placer Valley on July 25-30 with stops in Roseville and Lincoln.
Genesis G80: Luxury sedan at reasonable priceRoseville, CA- The 2017 Genesis G80 is a classy sedan has a long list of standard features, yet is still offered at a reasonable price.
Roseville Gas Prices Send Motorists on the RoadRoseville, CA- When it comes to gas prices, it's been a fun summer to hit the road. In Roseville, the trajectory of gas prices has kept the cost of filling up
NEWS: In Case You Missed It