Michael P. Raineri, a former financial advisor from Seattle, was sentenced to 32 months in prison for orchestrating a wire fraud scheme that resulted in the theft of $531,411 from a client’s trust account over a span of six years.
Indicted in November 2024, Raineri pleaded guilty to wire fraud in June 2025, according to the Department of Justice. At the sentencing hearing, U.S. District Judge Ricardo S. Martinez emphasized that Raineri exploited the trust placed in him as a financial expert.
“The majority of Americans rely on financial advisors much like they do doctors—entrusting them with their lives,” said Judge Martinez.
The victim inherited about $2 million in 2013, which was managed by a team including Raineri. The victim had instructed his advisors to avoid risks and preserve the funds for retirement.
Despite this, over a decade, Raineri abused his position, continuing to serve as the victim’s advisor even after switching firms. He convinced the victim to give him blank checks, power of attorney, and even a key to his apartment—tools Raineri used to carry out his fraudulent activities.
Between 2016 and 2020, Raineri used 12 blank checks to steal $397,000, funneling the money through another client’s account before depositing it into his own. He also transferred over $115,000 directly from the trust to his personal account and used stolen funds to lease a luxury car.
The fraud was uncovered in 2022 after the victim noticed discrepancies in his account balance, leading to an audit.
Assistant U.S. Attorney Sanaa Nagi requested a 41-month prison sentence, highlighting the victim’s hardships. The victim had to return to full-time work, earning roughly $24 per hour, instead of enjoying retirement, and faces physical challenges including a recent wrist injury.
Judge Martinez ordered Raineri to pay full restitution of the stolen $531,411 and mandated three years of supervised release after his prison term.
