A bay area banking executive and former president of the Montclair Village Association has been accused using her position at a bank to embezzle money from elderly clients. It is alleged that the banker defrauded at least five different elderly clients out of money totaling nearly $2 million dollars. Oakland elder abuse attorneys say that theft from senior citizens is on the rise.
The banker was charged with twenty felony counts including money laundering, grand theft, and financial elder abuse. The alleged financial fraud occurred between May 2010 and April 2013. According to court documents, the financial fraud began when the defendant was the bank manager at US Bank in Oakland. The defendant allegedly defrauded at least two elderly clients while she worked at US Bank in Oakland.
According to court documents, bank employees were tipped off by a wealth manager who noticed that an elderly clients’ statement appeared to have been altered. The subsequent investigation by the Alameda County District Attorney revealed that, in one case, a CD valued at $972,000 shrunk to $353,000. When confronted by investigators, the defendant claimed that one elderly client was paying back another elderly client back for money borrowed during the Oakland fires. The elderly victim told investigators that she never borrowed money from the other elderly victim and that the account should have close to $1 million dollars in it, not $353,000. The defendant also used her position at the US Bank in Oakland to change the mailing address for both victims to the US Bank mailing address. Both elderly clients say they never authorized the change. Oakland elder abuse attorneys say that elderly clients need to check their bank and investment statements carefully on a regular basis to ensure accuracy.
After the US Bank investigation, the defendant was terminated from her position. She was then immediately hired to be the branch manager at a First Republic Bank. According to investigators, the defendant used her position at First Republic Bank to embezzle money from at least three elderly clients. The defendant allegedly began fraudulently moving money from one customer account to the next in an attempt to cover up the financial fraud. While at First Republic Bank, allegedly, she took more than $164,000 from an elderly client and gave that money to a former US Bank customer in an attempt to conceal the embezzlement. Following that, she allegedly took more than $15,000 from another elderly First Republic Bank clients account and moved it to a former US Bank clients account in another attempt to conceal the financial fraud. The elderly customer claims the transfer was not authorized. The banker was charged with the crimes in May of 2013.
Evans Law Firm, Inc. handles elder abuse, financial elder abuse, physical elder abuse, annuity fraud, consumer fraud class actions, insurance and banking fraud cases. If you think that you have witnessed or are the victim of elder abuse, or financial fraud then contact Evans Law Firm, Inc. at 415-441-8669 for a free and confidential consultation, or email us at email@example.com