CAZENOVIA MAN SENTENCED TO 70 MONTHS IN FEDERAL PRISON FOR WIRE FRAUD AND AGGRAVATED IDENTITY THEFT

SYRACUSE, N.Y. — A Cazenovia man has been sentenced to 70 months in federal prison after admitting that he defrauded investment clients of approximately $686,000 while working as a financial advisor in the Syracuse area.

Dean Dellas, 42, was sentenced on August 26, 2026, after previously pleading guilty to wire fraud and aggravated identity theft.

Chief U.S. District Judge Brenda K. Sannes imposed the sentence and also ordered Dellas to pay $686,797 in restitution to his victims. He will serve two years of supervised release following his prison term.

According to Dellas’s guilty plea, the fraud operated from no later than June 2021 through November 2023.

During that period, Dellas acted as a financial advisor for clients with investment accounts in the Syracuse area.

He admitted that he induced clients to sign documents authorizing advisor fees that were significantly higher than the amounts the clients had actually agreed to pay.

For other accounts, Dellas obtained signatures on documents granting him trading and withdrawal authority.

According to the case record, those account-opening documents misrepresented Dellas’s relationship with the clients and falsely stated that he received no compensation for providing investment advice.

The documents also falsely represented that certain clients wanted to engage in high-risk investment activity.

Dellas admitted that he used the authority gained through those documents to take unauthorized withdrawals and collect improper advisor fees.

He also took steps to conceal the fraud.

According to his admissions, Dellas concealed account statements from clients and, at times, impersonated clients while communicating with brokerage firms.

Dellas also pleaded guilty to aggravated identity theft in connection with the broader fraud scheme.

By the time the scheme ended, Dellas had stolen approximately $686,000 from his victims through unauthorized withdrawals and advisor fees.

First Assistant U.S. Attorney John A. Sarcone III said the sentence reflects the seriousness of Dellas’s conduct and the financial harm caused by his misuse of client trust and investment authority.

Craig L. Tremaroli, Special Agent in Charge of the FBI Albany Field Office, said Dellas exploited clients who trusted him with their money and used his position as a financial advisor to carry out the scheme.

The Federal Bureau of Investigation investigated the case.

Assistant U.S. Attorneys Matthew J. McCrobie and Michael F. Perry prosecuted the matter for the Northern District of New York.

The case is now at the sentencing stage, not the allegation stage. Dellas pleaded guilty to the charged conduct and has been sentenced to nearly six years in federal prison, ordered to repay the full restitution amount identified by the court, and will remain under federal supervision after his release.

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