Arizona financial advisor pleads guilty to defrauding elderly client out of nearly $900,000

PHOENIX – An Arizona financial advisor faces a long stretch behind bars after recently admitting that he defrauded an elderly client out of nearly $900,000, authorities announced Monday.

Ronald Diaz, 40, pleaded guilty to wire fraud on July 18, according to the U.S. Attorney’s Office for the District of Arizona.

The Tucson man is scheduled for sentencing by a federal judge on Sept. 27. The charge carries a penalty of up to 20 years in prison and a $250,000 fine.

As part of the plea deal, the former Morgan Stanley financial advisor will have to repay the victim’s estate.

Diaz scammed the man out of over $867,000 between November 2020 and July 2022, according to prosecutors.

The scheme involved an investment opportunity that falsely guaranteed a 10% return.

Prosecutors said Diaz used the ill-gotten funds to cover personal expenses such as gambling at casinos, a down payment on a Range Rover and remodeling his pool.

The FBI investigated the case.

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