Wealth manager to plead guilty in $6m fraud case

Pedro Gonçalves
clock • 1 min read

A New York wealth manager is set to plead guilty following charges of overbilling clients and misappropriating office funds to pad his salary, Bloomberg reported. Richard T. Diver, co-founder and former chief operating officer of M&R Capital Management, was arrested in March. He was charged with overbilling clients by hundreds of thousand of dollars and diverting  about$6mfrom the company's payroll to his own account. The Securities and Exchange Commission also sued Diver, claiming he inflated his salary from 2011 to 2018 by overbilling more than 300 client accounts by $750,000. The a...

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