Shocking Fraud Uncovered: Upstate NY Advisor Swindles $686K

If you’ve ever trusted someone to help manage your retirement savings or investments, you know how personal that relationship can feel. You’re putting years of hard work, planning, and hope for the future into someone else’s hands. Now, federal prosecutors say that several clients in Upstate New York had that trust badly abused.

Advisor Accused of Betraying Client Trust

A man from Cazenovia has admitted in federal court to defrauding clients out of hundreds of thousands of dollars.

According to federal officials, 41-year-old Dean Dellas pled guilty on February 26, 2026, to wire fraud and aggravated identity theft. Prosecutors say Dellas was working as a financial advisor for clients in the Syracuse area when the crimes occurred.

Authorities say the scheme lasted from at least June 2021 through November 2023.

READ MORE: Heightened Security Measures Rolled Out Across New York

Details of the Fraudulent Scheme

Federal prosecutors say Dellas persuaded clients to sign paperwork that allowed him to take fees from their investment accounts. However, investigators say those fees were far higher than what clients had actually agreed to.

In other cases, prosecutors say Dellas convinced clients to sign documents giving him trading and withdrawal authority over their accounts. Those documents allegedly misrepresented his relationship with the clients and falsely claimed that he received no compensation for providing investment advice.

According to the indictment, the paperwork also falsely indicated that some clients wanted to pursue high-risk investment strategies.

Methods Used to Conceal Fraud

Investigators say Dellas took several steps to keep clients from discovering what was happening.

Authorities say he concealed account statements from some victims and even impersonated clients when communicating with brokerage firms. Those actions allowed him to continue making unauthorized withdrawals and charging improper advisor fees.

Federal prosecutors say the total amount stolen from victims was about $686,000.

Authorities React to the Case

First Assistant United States Attorney John A. Sarcone III said the case highlights how seriously authorities take financial crimes.  He said Dellas “abused the trust of his clients and used their hard-earned retirement dollars as his own personal piggy bank,” adding that law enforcement worked to ensure the victims receive justice.

Craig L. Tremaroli, Special Agent in Charge of the FBI’s Albany Field Office, said the case shows the impact financial fraud can have on people who believed their investments were in safe hands. He said the FBI remains committed to holding people accountable when they exploit others for personal gain.

Upcoming Sentencing and Penalties

Dellas is scheduled to be sentenced on June 22, 2026, before United States Chief District Judge Brenda K. Sannes.

He faces a mandatory minimum of two years in federal prison and could receive up to 22 years behind bars. The charges also carry a possible fine of up to $250,000 and up to three years of supervised release. As part of his guilty plea, Dellas also agreed to pay restitution to the victims.

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The investigation was handled by the FBI, and the case is being prosecuted by Assistant U.S. Attorneys Matthew J. McCrobie and Michael F. Perry.