West Springfield Investment Adviser Pleads Guilty to Wire Fraud, Embezzlement, and Money Laundering Charges

BOSTON—A West Springfield man was convicted today in federal court for illegally taking $3 million from his clients for his own personal benefit.

SEAN MANSFIELD, 38, pleaded guilty before U.S. District Judge Michael A. Ponsor to 17 counts of wire fraud, two counts of embezzlement from a pension fund, and four counts of money laundering.

Had the case proceeded to trial, the government’s evidence would have proven that Mansfield engaged in a scheme to take money from his investment advisory clients for his personal benefit. He submitted forged wire transfer papers to the independent custodian of his clients' funds and arranged to have the money sent to individuals and bank accounts of Mansfield's choosing. Mansfield also induced clients to deposit money in a bank account for his personal benefit while falsely representing that the funds would be invested in a hedge fund for the benefit of the clients. Mansfield illegally took over $3 million from his clients. Judge Ponsor scheduled sentencing for September 20, 2011. Mansfield faces up to 20 years in prison for each wire fraud count, five years in prison for each count of embezzlement, and 10 years in prison for each count of money laundering. He faces three years of supervised release and a $250,000 for each of the 23 counts.

United States Attorney Carmen M. Ortiz; Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division; William P. Offord, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation, Boston Field Division; and Edward Maloney, Acting Director, Employee Benefits Security Administration, Boston Regional Office, made the announcement today. The case is being prosecuted by Assistant U.S. Attorney Alex J. Grant of Ortiz’s Springfield Branch Unit.