Wichita Falls Financial Advisor Dusty Sternadel Faces Over $1.2M Fraud Charges in U.S. Court

Dusty Sternadel, a former financial advisor from Wichita Falls, Texas, is awaiting sentencing after admitting to defrauding over a dozen clients out of over $1.2 million.

Background

• Previously worked for Morgan Stanley and Edward Jones
• Currently faces potential penalties including up to 20 years in prison and three years of supervised release

Fraudulent Activities

Sternadel, who worked for Ameriprise Financial, confessed in a plea agreement signed in December 2022 to engaging in a fraudulent scheme from September 2019 to July 2022. The agreement was signed in Fort Worth’s U.S. District Court for the Northern District of Texas.

False Representations

She admitted to “tricking clients into sending her funds or checks under false representations and pretenses.” These funds were then deposited into her personal accounts for her own use.

Instances of Fraud

• Orchestrated a wire transfer from a client’s Ameriprise account to their personal bank account
• Instructed the victim to write a check for the supposed overpayment and deliver it to her
• Deposited the $26,916 check into her business account
• Utilized the money for personal expenses

Penalties

• Admitting that she acted with the specific intent to defraud
• Ten victims listed in the court document

Sentencing

• Initially requested postponement for sentencing to secure funds to avoid forfeiting her family home
• U.S. District Judge Reed O’Connor denied the request

Upcoming Sentencing

Sternadel is scheduled to be sentenced at the federal courthouse in Fort Worth on April 26, 2023.