A former financial advisor from the Seattle area was sentenced to 32 months in prison for wire fraud, after stealing $531,411 from a client’s trust account over six years, according to a release from the Department of Justice.
63-year-old Michael P. Raineri was sentenced on Friday by Judge Ricardo S. Martinez, who highlighted the breach of trust involved in the case.
The victim, who inherited about $2 million in 2013, had trusted Raineri as a financial expert to manage the funds for retirement.
“He had to begin working full time to have enough money to live,” Assistant United States Attorney Sanaa Nagi wrote.
Prosecutors say Raineri ingratiated himself with the victim over a decade, maintaining his role as an advisor even as he changed financial firms.
He obtained blank checks, a power of attorney, and access to the victim’s apartment, which he used to facilitate the fraud.
In 2022, the victim noticed discrepancies in the account balances, prompting an audit that uncovered the theft.
Raineri pleaded guilty in June 2025, and in his sentencing, he was ordered to pay restitution of $531,411 and three years of supervised release following his prison term.
©2025 Cox Media Group
