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Michael Filipidis

A former Wells Fargo employee posed as a financial adviser and scammed an elderly man out of $800,000, according to a report by WSOC-TV.

WSOC-TV reports that 24-year-old Michael Filipidis pleaded guilty in federal court to wire-fraud and identity-theft charges.

According to the Charlotte TV station, court documents stated that while Filipidis worked at a Wells Fargo call center in Mint Hill, he pretended to be a financial adviser and persuaded an elderly man to hand over account information.

WSOC-TV reports that officials said once Filipidis had the victim’s information, he opened brokerage accounts using his own phone number and email as the contact and made himself the beneficiary.

According to court documents, he then transferred money from the victim’s new account and life insurance policies to bank accounts he controlled, WSOC-TV reports.

To make sure the victim didn’t receive any notifications about what he was doing, court documents state, Filipidis changed the mailing address, email and phone number on all of the victim’s Wells Fargo accounts to his own information, according to WSOC-TV.

WSOC-TV reports that Filipidis is facing a maximum of 20 years and a $250,000 fine for the wire- fraud charge and a mandatory minimum term of two years in prison for the aggravated-identity-theft charge.

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