**BREAKING NEWS: 20:00 ET**
**CLEVELAND, OHIO** — Law enforcement authorities have officially identified a suspect in connection with a series of financial crimes spanning three states.
**WHO** is the suspect. The individual in custody has been named as **Marcos Talarico**, a 47-year-old former investment advisor.
**WHAT** are the charges. Talarico is charged with 14 counts of wire fraud, two counts of money laundering, and one count of securities fraud, according to an indictment unsealed earlier today by the U.S. Attorney’s Office for the Northern District of Ohio.
**WHEN** did the alleged crimes occur. Investigators allege the fraudulent activity occurred between January 2018 and November 2023.
**WHERE** did the scheme take place. Authorities state the operation was conducted out of a registered brokerage firm in downtown Cleveland, with victims identified in Ohio, Pennsylvania, and Michigan.
**WHY** is this significant. Prosecutors allege Talarico diverted approximately $4.2 million from client retirement accounts into shell companies he controlled. The case is ongoing, with an initial court appearance scheduled for 09:00 ET tomorrow at the Carl B. Stokes Federal Courthouse.
**DEVELOPING** : We are awaiting a statement from the Securities and Exchange Commission. Stay with us for further updates.