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Aug 22, 2022 by |

Los Angeles Financial Elder Abuse Attorneys: SEC Bars Broker For Stealing From Elderly Client


Allegedly Misappropriated $305,000 In Client Funds

Client’s Checks Cashed But Never Invested

Money Spent For Broker’s Own Benefit

Seniors are vulnerable to financial elder abuse by any number of financial predators including those entrusted to invest their money like stock brokers, investments advisers and bankers.  Sometimes the financial exploitation takes the form of sale of an unsuitable investment or annuity, sometimes churning a senior’s account by repeated sales and purchases of securities and sometimes by the outright theft of a senior’s funds, as in the recent case described below. Whatever the form and extent of abuse, Evans Law Firm, Inc. represents financial elder abuse victims and their families in Los Angeles and throughout California.  We pursue all remedies available to the injured senior or his or her family including double damages and payment of attorneys’ fees and costs for having to bring suit to get their money back.  Cal. Probate Code § 859 (double damages); Cal. Welf. & Inst. Code § 15657.5 (mandatory attorneys’ fees and expenses in financial elder abuse cases). Sales of unsuitable investments or other fraudulent investments may also constitute violations of federal law. See 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).

SEC Bars Broker For Stealing From Elderly Investor

The U.S. Securities and Exchange Commission (SEC) has recently announced that it was barring  a broker from the securities industry for stealing from an elderly client and overcharging the same elderly client for asset management fees.[1]  The SEC’s complaint alleges that between 2016 and 2020, the broker  misappropriated over $305,000 from an elderly client whom he also overcharged for asset management fees in the amount of $9000.  According to the SEC complaint, while the broker was employed by one securities firm he also ran his own securities business on the side through a company wholly owned by him.  By using this side business the broker was able to avoid compliance oversight by his employer firm according to the SEC. According to the SEC, the broker persuaded an elderly client to write checks over time totaling 305,000 made out to his side business.  The broker allegedly promised to invest the funds.  However, according to the SEC the check was cashed but never invested.  Instead, the broker simply spent the money himself.  He also reportedly overcharged the elderly client by $9000 for asset management services.

Safeguarding Your Older Loved Ones From Financial Elder Abuse

Unfortunately, no one was watching closely to see where the elderly customer’s money ended up in the reported case, allowing the broker to continue his scheme for four years.  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 any annuity, Social Security or pension benefits are being paid and make sure they are going to your loved one’s account and not being diverted elsewhere.  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 accountants, bookkeepers, financial advisors, insurance agents, brokers, 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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"I contacted Attorney Ingrid Evans for advice about a financial elder abuse case. She was extremely knowledgeable, bright and informative. I highly recommend her. I am an attorney myself, and know when I am talking to a another excellent attorney."
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