We're learning more about a former investment advisor from Albany accused of embezzling hundreds of thousands of dollars from clients.
33-year-old James Ryan Lanier was working for Merrill Lynch in Tallahassee when prosecutors say he forged signatures and mislead associates to transfer money into his personal accounts.
In a lengthy, 65-count indictment federal prosecutors reveal how they say for 2 years Lanier developed a tricky scheme to bilk more than $800,000 dollars from clients.
Between 2008 and 2010 prosecutors say Lanier transmitted fraudulent letters in which he forged client signatures to client associates who were in charge of transferring funds.
That money was wired to different bank accounts set up by Lanier.
In one instance he's accused of using a client's investment money to purchase a condo on Kingswood Court in Albany as well as a pickup truck. He's also accused of investing embezzled money in North Florida Cellular.
Prosecutors list 45 fraudulent wire transfers ranging from $1200 to $80,000 of client money that was laundered into his personal banking accounts.
We've learned Lanier graduated from Westover High in 1998 and he was arrested in San Diego.
Since being let go from Merrill Lynch, Lanier was last listed as president of Lanier Farms LLC in Tallahassee.
Right now he's awaiting trial on of charges of fraud, money laundering, and identity theft.
Information from the Department of Justice
Federal agents arrested 33-year-old James Ryan Lanier in San Diego, California, on fraud, money laundering, and identity theft charges last week.
Lanier, from Albany, operates a financial services firm in San Diego.
The arrest relates to the embezzlement of more than $800,000 in funds from Merrill Lynch clients.
The 65-count indictment claims that Lanier transmitted fake letters of authorization with forged client signatures to Merrill Lynch client associates who were responsible for processing wire transfers of client funds between 2008 and 2010.
The government says Lanier purposely sought assistance from client associates who were unfamiliar with Lanier's clients, and falsely claimed that he had obtained voice approval from Merrill Lynch clients on a recorded telephone line.
The government says Lanier took the money to make loan payments and to buy cars and a condominium in Albany, and an interest in a cellular telecommunications business.
Lanier will be formally arraigned at an initial appearance currently set for August 16, before United States Magistrate Judge Charles A. Stampelos in Tallahassee.
An indictment is merely an allegation by a grand jury that a defendant has committed a violation of federal criminal law and is not evidence of guilt.
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