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.
Print This Article
Placer County News HeadlinesPlacer Community Foundation STEM Scholarships at SierraRocklin, CA - At a meeting on Sept. 25 at Sierra College, the Board of Placer Community Foundation (PCF) voted to create a pilot scholarship program for Auburn area students.
Heartstoppers Haunted House ReturnsYou will be scared out of your wits for a good cause this October as the Heartstoppers Haunted House returns to the former Mine Shaft venue
Sierra College CACT Training October 8 & 22 Employees can learn Practical Problem Solving skills at the October 8 & 22 training conducted by Sierra College Center of Applied Competitive Technologies (CACT ) with the Continuous Improvement Network
Governor Brown Signs New Gun Control Bill Into LawCalifornia Governor Jerry Brown signed into law the "Gun Violence Restraining Order (AB 1014)" that will allow family members or law enforcement to petition a court to remove firearms from someone temporarily
Placer County Tourism Gets Boost Placer County organizations team up to promote tourism in the region.
Want to Buy a Home and Need a Rich Uncle?Mortgage Alternative Program (MAP)- Julie Jalone of MagnumOne Realty in Roseville writes about new program to help get families who can't currently qualify for a mortgage into homes of their choice and on the road to homeownership.
U.S. HealthWorks Offers Onsite Flu Shots U.S. HealthWorks Medical Group, a leading operator of occupational healthcare and urgent care centers in the nation, said today it is offering to visit businesses on-site and provide flu vaccination shots
Roseville Police Bust Nets $40,000 Cash, Guns and MethRoseville narcotics detectives suspected that Joshua Holmboe was both selling illegal drugs directly to users and also supplying lower-level drug dealers, and that some of those drugs were then being sold and used in Roseville.
Governor Brown Signs Bill to Help Disabled VeteransLegislation sponsored by George Runner to protect California's disabled veterans has become law. Senate Bill 1113, authored by Senator Steve Knight (R-Antelope Valley),
Roseville Chamber Events October 2014Roseville, CA -- The Roseville Chamber of Commerce featured events for the month of October 2014.
Sacramento Area Gas Prices Down AgainAverage retail gasoline prices in Sacramento have fallen 2.4 cents per gallon in the past week, averaging $3.61/g yesterday, according to
Nontraditional Employment for Women Event in RocklinSierra College seeks sponsors for the second Nontraditional Employment for Women (NEW) event on October 17