Tucson man pleads guilty in defrauding of elderly client

A Tucson financial advisor who defrauded an elderly client of $867,000 pleaded guilty to wire fraud, the U.S. Attorney's Office says. 

Ronald Diaz, 40, entered his guilty plea July 18, the prosecuting office said in a news release Monday.

The U.S. Attorney's Office gave the following account in the news release:

Diaz misrepresented an investment opportunity to the victim in an “annuity” that “guaranteed” a 10% return, the release said. 

To try to conceal the scheme, Diaz got the victim to transfer $970,000 to his own family members between November 2020 and July 2022, then asked his family members to transfer the money back to him.

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Although Diaz made certain “interest” payments to continue receiving money from the victim, none was used for any legitimate investment.

The victim’s money was used by Diaz for numerous personal expenses including gambling at casinos, down-payment for a 2021 Range Rover, credit card debt, a family pool’s remodeling and mortgage payment.

Under the plea agreement, Diaz will be required to pay restitution to the victim’s estate.

A wire fraud conviction carries a maximum penalty of 20 years in prison and a $250,000 fine or both.