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Union City Finance Adviser Admits Ripping Off Elderly Clients

A Union City man has pleaded guilty to one count in connection with a $450,000 fraud.
A Union City man has pleaded guilty to one count in connection with a $450,000 fraud. Photo Credit: File

A Union City man pleaded guilty in a half-million dollar fraud involving financial services clients he was supposed to be working for, the U.S. Attorney's Office said. 

Ramon Herrera, 36, pleaded guilty to one count of wire fraud and faces up to 20 years in prison when he's sentenced in February, authorities also said. 

From May 2015 to early 2018, Herrera, who worked as a broker and financial adviser, met with and obtained confidential information from clients in and around Hudson County. The clients were mostly elderly, spoke only Spanish, or both, authorities said. 

Herrera persuaded the clients to sign blank withdrawal slips, which he then filled out and used to pull cash from the clients' accounts. He then applied the funds against accounts he and a family member controlled, authorities said. 

All told, he bilked about 40 clients and stole more than $450,000, authorities said. 

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