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West Orange Financial Advisor Gets 6 Years for Stealing $1M From Clients

Randy Schneider, 44, was a broker at Florham Park's Oppenheimer & Co.

A financial advisor from West Orange was sentenced Monday to six years in prison for stealing nearly $1 million from two elderly clients.

Randy Schneider, 44, was sentenced in Superior Court in Morristown after pleading guilty in December to second-degree theft by unlawful taking. Schneider agreed to pay full restitution to his victims—a professor and a medical doctor who are brothers—under the plea agreement.

Schneider was a broker at Oppenheimer & Co. in Florham Park from January 2002 until October 2011 when he was fired for misappropriated checks from one of the two victims, the Attorney General's Office said.

A Division of Criminal Justice investigation revealed Schneider stole more than $900,000 between 2004 and 2011 from an elderly professor by stealing cash, interest from bearer bond coupons and bonds belonging to the victim, the Attorney General's Office said.

Schneider stole an additional $20,000 in the same manner from the victim's younger brother, a medical doctor who was also an Oppenheimer client, the Attorney General's Office said.

Schneider deposited bonds and proceeds from the bonds into his own accounts, the Attorney General's Office said.

Schneider also pleaded guilty in December to third-degree charges of theft by unlawful taking and theft by deception in Essex County where he stole $11,000 worth of jewelry from an ex-girlfriend and pawned it, the Attorney General's Office said.

Schneider also stole $26,000 from a bank by opening a new account with a fraudulent check and he withdrew the funds before the bank discovered the fraud, the Attorney General's Office said.

Schneider was sentenced to three years in prison for each of those charges and will serve those terms concurrently with the six-year sentence.

“This defendant is a common thief in a business suit,” Acting Attorney General John Hoffman said. "By stealing upwards of a million dollars from two vulnerable and trusting clients, he proved that a prison jumpsuit is the more appropriate attire for him.”
Robert Brown April 25, 2014 at 12:21 PM
Only 6 years? Are you friggin' kidding me? 2nd degree theft by unlawful taking??? Over $900,000 embezzled and another $20k swindled from his brother, $11k in what is really a burglary followed by the sale of the stolen merchandise (was it pawned in NJ? If not that's a federal offense), and $26k in straight-up bank fraud....and this guy maxes out in 6 years. SMFH!!! What about the complete betrayal of fiduciary responsiblity? What about the commingling charges? This is the type of sentence minorities receive for passing bad checks and shoplifting.... How can the criminal justice system justify such a lenient penalty for such a atrocity? This is exactly why so many have so little faith in our criminal justice system. This is why so many minorities fear the same system. They know that they will not be given fair treatment. When it is known by a certain segment of society that the punishment they will receive for stealing copper from a vacant house or shoplifting cigarettes, liquor or clothing from a store is greater than the punishment issued to whites for stealing over $1 million, how can you blame them? DISGRACEFUL!!

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