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Sep 7, 2021 by |

Los Angeles Financial Elder Abuse Attorney: Jury Convicts Financial Advisor Of Stealing Over $1 Million From Elderly Client

ATTORNEY NEWSLETTER

72-Year-Old Victim

Stolen Money Used To Buy BMW, Rolexes And Bahamas Cruise

20 Fund Transfers From Client’s Account

Older persons may not be able to monitor their own financial accounts and if they do not have someone they trust looking things over, they can become victims of undetected financial abuse. If there’s no one checking on their account an unscrupulous advisor or broker may take funds from a senior’s account for years, and the theft might not be discovered until after the client’s death when the heirs see the account balances and activity for the first time. Taking of a senior’s property is both a crime and grounds for civil suit.  See Cal. Penal Code § 368 (crime of elder abuse) and Cal. Welf. & Inst. Code § 15610.30 (definition of financial elder abuse for civil liability purposes).  Whenever you detect irregularities in a senior’s financial accounts or even suspect that a senior may be taken advantage of by someone, seek legal counsel.  Evans Law Firm, Inc. has years of experience representing seniors who are victims of abuse from advisors, brokers, insurance agents, trustees, bankers, caregivers and others.    If you’re the victim of financial elder abuse here in Los Angeles, San Francisco or elsewhere in California call us today at (415)441-8669. Our toll-free number is 1-888-50EVANS (888-503-8267).

Jury Finds Advisor Guilty Of Stealing More Than $1 Million From Senior

A federal criminal jury has recently found a financial advisor guilty of wire and mail fraud, financial elder abuse, and theft in a case that illustrates how advisors access senior client accounts.[1] The jury convicted the financial advisor finding that he stole more than $1 million from an elderly client and bought a BMW, Rolex watches and a Bahamas vacation and used the 72-year-old client’s money to pay child support, according to federal investigators.  The elderly client had inherited property worth $1.3 million, which the advisor helped to sell and use the money to set up a charitable annuity.  The annuity was to pay his client $6,000 a month, and as part of his duties, the advisor was to draft letters asking for withdrawals, according to a news release from the U.S. attorney’s office.  Federal agents later discovered 20 letters requesting funds from the annuity between $4,000 and $45,000, all of which were transferred to the advisor’s personal account. The FBI tracked the funds to the Bahamas cruise, the watches and child support payments, along with guns the advisor bought.  Jurors convicted the advisor of 11 counts of mail fraud, 11 counts of wire fraud and two counts of aggravated identity theft.  He faces a maximum penalty of 444 months when sentenced.

Watching A Senior’s Accounts And Money

This pattern of repeated transfers and thefts from a senior’s account is not uncommon.  Where a senior is incapacitated or for whatever reason unable to monitor his or her accounts alone, this kind of fraud can recur again and again.  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.  Never ever allow the senior to give a financial advisor, stock broker, or 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 under Cal. Welf. & Inst. Code § 15657.5.

Contact Us

If you or someone you love is the victim of any type of financial elder abuse in Los Angeles, San Francisco or elsewhere in California, call Ingrid M. Evans at Evans Law Firm, Inc. at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our toll-free number is 1-888-50EVANS (888-503-8267).

[1] Evans Law Firm, Inc. was not involved in the reported case in any way.

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