A Tucson-based financial advisor is headed to prison for scamming an older client out of his retirement and life savings, to the tune of nearly $1 million.
Ronald Diaz will spend just under two years in federal prison for abusing the trust of a client that court documents identify as an older man.
That’s just barely longer than it took him to steal $970,000 and spend it on things like credit card payments, casino gambling and a luxury car over the course of about 18 months.
The 41-year-old convinced him to make fake investments that he pocketed with the promise of a 10% return. To keep the victim from catching on, Diaz made occasional payments. But the victim eventually noticed and reported the theft to Morgan Stanley, where Diaz worked.
When confronted by his supervisor, Diaz denied everything and was fired two months later without returning to the office.
The victim died in 2023. As part of his sentence, Diaz will pay restitution to his next of kin.
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