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Investment Adviser Admits Stealing From Clients

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(Credit: Thinkstock)

(Credit: Thinkstock)

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ST. LOUIS (AP) - A St. Louis-area investment adviser faces up to 40 years in federal prison now that he’s admitted pilfering more than $1.8 million from client accounts.

Thirty-four-year-old Greg John Campbell of Ladue pleaded guilty Friday in federal court in St. Louis to two counts of wire fraud.

Authorities say Campbell was working as a Merrill Lynch financial adviser from mid-2006 through October 2011 when he diverted more than $1.4 million from client accounts to his own. One client was 86 years old with dementia.

After going to work for another wealth-management business, authorities say, Campbell stole an additional $360,000 from clients.

Prosecutors say he used the money for a down payment on a home, mortgage payments, lease payments on luxury vehicles, and living expenses.

Sentencing is set for Sept. 10.

© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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