Columbia Financial Adviser Pleads Guilty to Defrauding Retired Couple

Columbia, SC—United States Attorney W. Walter Wilkins stated today that Daniel T. Monahan, age 59, a financial planner living and working in Columbia, pled guilty today in federal court to mail fraud. United States District Judge Joseph F. Anderson, Jr., accepted the plea and will sentence Monahan at a later date.

Evidence presented in court established that the victims in the case, a retired couple, sold their business in March 2006 for approximately $900,000. They sent over $800,000 to Monahan to invest in property that would provide them steady retirement income, as well as defer the taxes owed on the sale. Rather than invest their money, Monahan conducted a number of fictitious land transactions that gave the appearance of purchases, when in fact he used most of the money to pay off other debts and support his personal online investing. As of this date, Monahan has paid back to the victims a little over half of the original sum, but still owes them approximately $350,000.

Mr. Wilkins stated the maximum penalty Monahan can receive is a fine of $250,000 and imprisonment for 20 years.

The case was investigated by agents of the Federal Bureau of Investigation. Assistant United States Attorney Winston D. Holliday, Jr., of the Columbia office handled the case.