A former financial advisor in Seattle was sentenced to over two and a half years in prison for committing wire fraud by stealing funds from a client's trust account, according to a U.S. Department of Justice report. Michael P. Raineri, age 63, faced judgment this week for his misuse of a client's inheritance that totaled more than half a million dollars.
The case, as described in the report, began after the victim inherited around $2 million and, wanting to ensure a safe retirement, entrusted Raineri, among others, to manage his finances. Over the span of several years, Raineri became a close advisor to the victim, remaining in his trusted position even after switching firms, and then leveraged this trust to conduct his fraudulent activities. He convinced the victim to provide blank checks, power of attorney, and even a key to his apartment. It was these tools that allowed Raineri to divert funds, over $500,000, from the victim's trust account to his own use, including paying off a luxury car lease.
The fraud surfaced when the victim noticed discrepancies in his account balance, leading to an audit that brought the theft to light. Raineri, who was indicted in November 2024, eventually pleaded guilty to wire fraud in June 2025. Assistant United States Attorney Sanaa Nagi highlighted the betrayal, stating, "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," as obtained by the Justice Department's release.
U.S. District Judge Ricardo S. Martinez, acknowledging the gravity of the breach of trust enacted by Raineri, ordered him to serve 32 months behind bars and mandated full restitution in the amount of $531,411 to the victim. Following his prison term, Raineri is required to complete three years of supervised release.
The FBI led a thorough investigation into the wire fraud case, with Assistant United States Attorney Sanaa Nagi prosecuting. As the Department of Justice noted, the victim now faces the challenge of not only rebuilding his financial security but doing so while contending with physical limitations and the sting of lost trust.
