Connecticut Adviser Pleads Guilty in $3.3M Fraud

Andrew Komarow, a former Connecticut investment adviser and broker, pleaded guilty to wire fraud for exploiting delays in brokerage firms’ processing of bank transfers to place risky options trades with funds he did not have. Prosecutors said he initiated about $8.9 million in transfers from October 2022 to February 2023, leaving three financial services companies with combined losses of roughly $3.35 million. Komarow faces up to 20 years in prison and is free on bond while awaiting a sentencing date; regulators had previously barred him from the securities and investment-advisory industries.