Former Seattle financial advisor sentenced for stealing $531K from client in wire fraud scheme

A former financial advisor in the Seattle area was sentenced to 32 months in prison Friday for a wire fraud scheme that stole $531,411 from a client’s trust account over roughly six years.

Michael P. Raineri, 63, was indicted in November 2024 and pleaded guilty to wire fraud in June 2025, the Department of Justice (DOJ) announced.

U.S. District Judge Ricardo S. Martinez said at the sentencing hearing that Raineri “took advantage of someone who trusted him as a financial expert.”

“The majority of Americans look to financial advisors as experts in their field, similar to how people go to doctors. These people trust these experts with their lives,” Judge Martinez said.

Former Seattle financial advisor gains access to victim’s $2M inheritance

In 2013, the victim inherited approximately $2 million held in a revocable trust. After the victim inherited the trust, he had a team of people help manage the money, including Raineri.

The victim claimed he told the advisors he didn’t want to take any risks and save the money for retirement.

Over the next 10 years, Raineri acted as an advisor to the victim’s trust, even after he switched financial firms. Raineri later convinced the victim to provide him with blank checks, power of attorney, and a key to his apartment. Each of these was used to defraud the victim.

Between 2016 and 2020, Raineri used 12 blank checks to steal $397,000 from the victim’s account. These transactions were passed through a different client’s account before they were deposited into Raineri’s own bank account.

Raineri later transferred more than $115,000 from the victim directly into his own account. The DOJ noted Raineri paid the lease on his luxury car using funds from the victim’s account. In 2022, the victim identified that his account balance was inaccurate, and an audit uncovered the theft from his account.

Assistant U.S. Attorney Sanaa Nagi wrote to the court asking for a 41-month prison sentence.

“[The victim] had to begin working full-time to have enough money to live. Now, instead of traveling and enjoying what would be his retirement years, he works at least 40 hours a week making approximately $24 an hour,” Nagi wrote. “A recent wrist injury and his advanced age make his work difficult at times. He has to live more frugally than ever before.”

Judge Martinez ordered full restitution of the $531,411 stolen in Raineri’s wire fraud scheme. Additionally, Raineri must complete three years of supervised release following his prison term.

Follow Jason Sutich on X. Send news tips here.