BOSTON, MA—A Marblehead investment advisor was charged today with wire fraud in connection with a scheme to defraud two of his clients.

United States Attorney Michael J. Sullivan and Warren T. Bamford, Special Agent in Charge of the Federal Bureau of Investigation—Boston Field Division, announced that RYAN NESTOR, age 32, of Marblehead, MA was charged in a two count Information in which it is alleged that NESTOR defrauded two investment clients out of more than $750,000.

According to the Information, NESTOR, a former registered representative for a Mass Mutual related entity, misappropriated more than $750,000 in client funds by investing those funds, without the knowledge or consent of his two elderly victims, in an entity that turned out to be a massive Ponzi scheme. NESTOR invested the client funds pursuant to an agreement whereby NESTOR expected to receive a portion of the returns on the improper investments.

If convicted, NESTOR faces up to 30 years in prison, to be followed by five years of supervised release and a $1,000,000 fine on each charge.

This case was investigated by the Federal Bureau of Investigation—Boston Field Division. It is being prosecuted by Assistant U.S. Attorney Sarah E. Walters of Sullivan’s Economic Crimes Unit.

The details contained in the Information are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law.