Advisor Allegedly Withdrew Funds From Client’s Trust
Authorities Discover 20 Fraudulent Letters Of Withdrawal
Withdrawals Total $1.3 Million
Seniors are targeted by caregivers, insurance agents, financial advisors, investment and retirement planners, trustees, contractors and total strangers for all types of financial abuse and exploitation. The abuse may continue over a period of years and drain hundreds of thousands and even millions from a senior’s accounts; sometimes the abuse includes taking the senior’s home. The schemes can include forged checks and legal instruments, unauthorized use of credit cards, identity theft, misuse of Powers of Attorney, and manipulation of estate planning documents. Financial elder abuse may violate several statutes including California Penal Code § 368 and Cal. Welf. & Inst. Code § 15610.30 (definition of financial elder abuse). Evans Law Firm, Inc. represents California seniors who suffer financial elder abuse at the hands of financial advisors, caregivers or strangers with access to a senior’s money or at the hands of insurance agents, financial advisors, retirement planners and stockbrokers whether by sales of unsuitable investments including annuities, unauthorized trades, misrepresenting investments, failing to disclose important information, or theft. If you’re the victim of financial elder abuse here in San Francisco or elsewhere in California call us today at (415)441-8669. Our toll-free number is 1-888-50EVANS (888-503-8267).
Financial Elder Abuse By Broker
In one recently reported case, a federal jury convicted a financial advisor of stealing more than $1.3 million from an elderly woman he advised, according to a United States Department of Justice (DOJ) news release. According to the DOJ, the advisor’s primary client was an elderly victim who had inherited real property valued at $1.3 million. The advisor allegedly assisted the victim in the sale of the property and setting up a charitable annuity trust with the proceeds. Under the terms of the trust, the annuity would pay the 72-year-old woman $6,000 a month during her lifetime. As part of advisor’s responsibility as the woman’s financial agent, he would draft and submit authorized letters of withdrawal from her annuity account to cover certain expenses, the DOJ said. However, agents investigated and discovered 20 separate fraudulent letters of withdrawal drafted by Ford and submitted to the annuity carrier. Funds requested ranged from $5,000 to $45,000 and totaled more than $400,000. They were wired from the carrier to the advisor’s personal checking account, the release said. An FBI analysis traced those funds to personal purchases made by the advisor. They included a BMW, Rolex watches, firearms, a cruise to the Bahamas, and child support, the DOJ said. According to the DOJ, the advisor also withdrew $1 million directly from the client’s account at the end of 2014.
If someone had been reviewing the senior’s account statements in the reported case, the unauthorized transfers could have been detected. This pattern of repeated transfers and thefts is not uncommon. Don’t let your older loved ones be injured by this kind of sustained abuse. Stay involved in a senior loved one’s life and look for signs of financial abuse. Review bank records and bills continually. Do a background check on anyone you allow in their home to help them. Keep all important financial papers, Social Security numbers, ATM cards and credit cards safely stowed away. Make sure there’s not a lot of cash or jewelry around that can disappear. Most importantly – never ever allow the senior to give a caregiver a Power of Attorney. If you suspect abuse, notify the authorities but also call elder law counsel to help you pursue all available remedies against anyone responsible for abuse, including an award of attorneys’ fees and costs for bringing your suit.
If you or someone you love is the victim of any type of financial elder abuse in Los Angeles or elsewhere in California, call Ingrid M. Evans at Evans Law Firm, Inc. at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</a>. Our toll-free number is 1-888-50EVANS (888-503-8267).
 Evans Law Firm, Inc. was not involved in the reported case in any way.