“I CAN TRADE MY WAY OUT OF THIS HOLE”!!! BELIEVE IT OR NOT, FEDERAL PROSECUTORS SAY CAZENOVIA FINANCIAL ADVISER DEAN DELLAS DRAINED HUNDREDS OF THOUSANDS OF DOLLARS FROM CLIENTS TO COVER HIS OWN MOUNTING LOSSES… AND HE HAS NOW BEEN SENTENCED TO NEARLY SIX YEARS IN FEDERAL PRISON.
A 41-year-old financial adviser from Cazenovia has been sentenced to 70 months in federal prison.
The sentence came after Dean Dellas admitted to stealing more than $686,000 from his clients.
Dellas previously pleaded guilty to charges of wire fraud and aggravated identity theft.
Federal prosecutors said Dellas committed the fraud between June 2021 and November 2023.
The activity took place after he started a firm named DSD Capital Management.
He was supposed to manage his clients’ money.
Instead, prosecutors say he treated their savings like his own personal bailout fund.
Authorities said he made high-risk trades with client money.
He lied on investment paperwork.
And authorities said he collected fees he was not entitled to receive.
Prosecutors described multiple methods Dellas used to siphon funds from his victims.
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In one case, prosecutors said Dellas opened a joint account with a client without telling him.
He then made monthly withdrawals from the unauthorized account.
Eventually, Dellas transferred nearly all of the money into his own personal account, according to prosecutors.
He was also accused of hiding portions of documents before asking clients to sign them.
Authorities said he impersonated clients.
And he concealed bank statements in an effort to cover up the fraud.
When he pleaded guilty, Dellas admitted he had gotten himself into a financial hole.
He admitted he took increasingly risky actions trying to recover.
“I gambled with people’s livelihoods, and I failed,” he told the court.
Then came his sentencing in federal court.
U.S. District Judge Brenda K. Sannes sentenced Dellas to 70 months in prison.
Judge Sannes also ordered him to pay $686,797 in restitution.
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