Ronald Diaz, a former financial advisor from Tucson, has been sentenced to 22 months in prison for defrauding an elderly client. United States District Judge Scott H. Rash delivered the sentence following Diaz's guilty plea to wire fraud on July 18, 2024.
Diaz orchestrated a fraudulent scheme while working as a financial advisor by falsely presenting an investment opportunity in an annuity that promised a guaranteed 10% return. Between November 2020 and July 2022, he directed his client to transfer $970,000 to his family members under false pretenses. Diaz then had these funds redirected back to himself for personal use.
The misappropriated funds were spent on gambling at casinos, purchasing a Range Rover, paying off credit card debt, remodeling a pool, making mortgage payments, and other personal expenses. To further entice the victim into continuing with the scheme, Diaz made some "interest" payments using the victim's own money. However, no legitimate investments were made with these funds.
During the investigation led by the Federal Bureau of Investigation (FBI), it was discovered that none of the client's money was used for its intended purpose. Sadly, during this period, the victim passed away.
As part of his sentencing, Diaz has been ordered to pay $867,510.37 in restitution to the next of kin of his deceased client for their financial loss.
The case was prosecuted by the United States Attorney’s Office in Tucson within the District of Arizona.