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Dec 17, 2022 by |

Los Angeles Financial Elder Abuse Attorneys: Broker Faces SEC Charges Of Stealing From Elderly Clients


SEC Alleges Broker Stole $800,000

Stolen Funds Allegedly Hidden In Personal Accounts

Other Complaints Of Misappropriated Funds

All seniors are at risk of financial elder abuse. While strangers or new persons entering a senior’s life like a caregiver are often the predators, even those a senior has known for years, like trusted financial advisors and stockbrokers, may prey on a senior financially.  Older persons whose ability to detect any theft or fraud may be impaired by health problems or cognitive decline are especially at risk of this kind of exploitation.  Evans Law Firm, Inc. represents senior victims of financial elder abuse in Los Angeles and throughout California, and pursue all remedies including double damages and payment of attorneys’ fees and costs for having to bring suit to get the injured party’s money back.  Cal. Probate Code § 859 (double damages); Cal. Welf. & Inst. Code § 15657.5 (mandatory attorneys’ fees and expenses in financial elder abuse cases).  Outright theft is of course a crime and sales of unregistered investments or other fraudulent investments may also constitute violations of other State and federal laws. See, e.g., Cal. Corp. Code § 25400 et seq.; Securities Act of 1933, 15 U.S.C. §§ 77a et seq., and Rule 10b-5 under the Securities and Exchange Act of 1934, codified at 17 C.F.R. § 240.10b-5. If you or a loved one is a victim of financial elder abuse by a broker, advisor or other party in Los Angeles or elsewhere in California, call our lawyers today at (415)441-8669.  Our toll-free number is 1-888-50EVANS (888-503-8267).

Former Broker Charged With Stealing From Elderly Clients[1]  

Earlier this fall, the U.S. Securities and Exchange Commission (SEC) charged a broker with stealing approximately $800,000.00 from his clients, all of whom were senior citizens, according to the allegations.  The SEC alleges that the broker convinced his customers to transfer money from their personal bank accounts to him for what he claimed would be investments in tax-free bonds. According to the SEC complaint, the funds were not invested in tax-free bonds but instead the customer funds were being transferred to one of the broker’s personal accounts without the investors’ knowledge.  The broker also allegedly put some of the money in his wife’s bank account, telling her it was some sort of personal investment.  Wherever the client money was deposited, the SEC alleges that the broker used at least $778,000 of the funds for his own personal use and sent $22,000 of their money back to his customers, in Ponzi-like fashion, so it would appear the bonds were accruing interest. The SEC alleges that the broker used his client’s money for mortgage payments, house renovations, paying his lawyer, and relatives. According to the SEC complaint, the broker convinced all his customers to make these investments through conversations, with no investments on paper, taking advantage of his long-term relationship with the customers and the trust he had built with them over the years.

Protecting Loved Ones From Financial Elder Abuse

If you are a family member of an older loved one the best way to protect them from the kind of fraud described in the reported case is to stay involved in their lives and financial affairs and constantly monitor all bank and investment accounts.  Trace where their funds are being invested and carefully review statements to see if they have been doctored or otherwise appear suspicious  Keep hard copies of all bank and investment firm records.  You may need them as banks only keep records for seven years.  Closely examine all bills that are being paid directly from any account to make sure they are your loved one’s bills and not the bills of someone else who has given the account information to their own creditors for bill payments. Accompany any older loved one to any business meetings so that they are not sold an unsuitable investment or insurance product or coaxed into signing blank forms or checks under the pressure of a broker or agent. 

Contact Us

Ingrid M. Evans represents victims of financial elder abuse by brokers, accountants, bookkeepers, financial advisors, insurance agents, retirement planners, investment promoters, caregivers, trustees, or other person in Los Angeles or elsewhere in California contact at (415) 441-8669, or by email at <a href=””></a>. Our toll-free number is 1-888-50EVANS (888-503-8267).

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

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