Arizona Financial Advisor Accused of Swindling $867,000 from Client, Officials Report

The defendant used the victim’s funds on gambling and paying off credit card debt, officials said.

TUCSON, Ariz. — A former Morgan Stanley financial advisor from Tucson has pleaded guilty to wire fraud after he scammed money out of an elderly client, officials reported.

Ronald Diaz, 40, will face sentencing on Sept. 27 following his admission to orchestrating a scheme that defrauded a client of $970,000. Diaz convinced the victim to transfer the money to his family members, falsely promising a 10% return on an investment.

According to the U.S. Attorney’s Office of Arizona, Diaz’s relatives wired the money back to him, which he then used primarily for gambling, remodeling his pool, and paying off credit card debts. He made some interest payments to the victim to maintain the illusion of a profitable investment, thus encouraging further investments. In total, the victim suffered a loss of $867,000.

The court has ordered Diaz to pay restitution to the victim’s estate.

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