.

Needham Woman Indicted on Fraud Charges

The woman is already serving a prison sentence for other fraud charges.

U.S. Attorney alleges the former investment advisor defrauded several clients over 18 years.
U.S. Attorney alleges the former investment advisor defrauded several clients over 18 years.

A Needham woman was indicted Friday in federal court on several fraud charges.

Jane E. O'Brien, 61, of Needham, was indicted on eight counts of mail fraud, wire fraud and investment adviser fraud stemming from incidents between 1995 and 2013.

During those 18 years, O’Brien worked as a Merrill Lynch and Smith Barney investment adviser.

According to U.S. Attorney Carmen Ortiz, O’Brien defrauded several clients by misappropriating funds. The indictment alleges that O’Brien used her clients’ money to pay personal expenses or to repay personal loans to other clients.

In one case, the indictment alleges, O’Brien was asked by a client to invest in the Hollywood movie “Crooked Arrows.” Authorities allege that O’Brien never made the investment.

This is not O’Brien’s first brush with the courts. In December of 2012, she was convicted of securities fraud after pleading guilty to a scheme to defraud a client of $240,000, according to the U.S. Attorney’s Office. O’Brien is currently serving a 33-month prison sentence for that crime.

If convicted of the current charges, O’Brien could serve up to 20 years in prison for each count of mail and wire fraud, as well as a fine of $250,000 or twice the gross gain or loss. Also, she faces five years in prison and a $10,000 fine if convicted of investment advisor fraud.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »