A former financial advisor from the Seattle area, Michael P. Raineri, was sentenced to 32 months in prison for wire fraud after stealing more than $500,000 from a client’s trust account over several years. The sentencing took place in U.S. District Court in Seattle and was announced by Acting U.S. Attorney Teal Luthy Miller.
According to court records, the victim inherited about $2 million in 2013 and asked a team of advisors, including Raineri, to manage the funds conservatively for retirement purposes. Over ten years, Raineri remained involved with the victim’s finances even as he changed firms. He convinced the victim to provide him with blank checks, power of attorney, and access to his apartment under false pretenses.
Between 2016 and 2020, Raineri used twelve blank checks to take $397,000 from the victim’s account by routing it through another client’s account before depositing it into his own. He later transferred an additional $115,226 directly from the victim’s account and used some of these funds to pay for his luxury car lease.
The theft came to light in 2022 when the victim noticed discrepancies in his account balances and initiated an audit that revealed the missing funds.
Raineri was indicted in November 2024 and pleaded guilty to wire fraud in June 2025.
During sentencing, U.S. District Judge Ricardo S. Martinez remarked on how Raineri abused his position of trust: “The majority of Americans look to financial advisors as expert in their field, similar how people go to doctors. These people trust these experts with their life,” said Judge Martinez.
Assistant United States Attorney Sanaa Nagi requested a sentence of 41 months and highlighted the impact on the victim: “He had to begin working full time to have enough money to live. Now, instead of travelling and enjoying what would be his retirement years, (the victim) works at least 40 hours a week… making approximately $24 an hour. A recent wrist injury and his advanced age make his work difficult at times. He has to live more frugally than ever before.”
Judge Martinez ordered full restitution of $531,411 and imposed three years of supervised release following Raineri’s prison term.
The Federal Bureau of Investigation investigated this case; prosecution was handled by Assistant United States Attorney Sanaa Nagi.
