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Nov 14, 2022 by |

Los Angeles Financial Elder Abuse Attorneys: SEC Charges Financial Advisor With Fraud Against 97-Year-Old Client


SEC Claims Eight Years Of Fraudulent Transactions

Broker Allegedly Stole $1,295,000

97-Year-Old Client Suffered From Dementia

Statistics show that the older a senior citizen is the more vulnerable he or she becomes to financial elder abuse.  Particularly at risk are those seniors who suffer from any form of dementia or other cognitive impairment as they age.  Left undetected, financial elder abuse of these persons may continue for years as they themselves are unable to notice any problem.  Evans Law Firm, Inc. represents senior victims of financial elder abuse in Los Angeles and throughout California, and pursues 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 a crime, as discussed in the reported case below, 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).

SEC Charges Financial Advisor Of Stealing From Elderly Client[1]  

The U.S. Securities and Exchange Commission (SEC) recently charged a former financial advisor with allegedly stealing $1,295,000 from an elderly client who currently suffers from dementia, and purportedly using the funds for his personal and business expenses.  The SEC alleges that from at least 2012 to 2020, the advisor solicited one of his clients, now 97 years old, to send him money to make purported investments in real estate investment trusts on her behalf and to purportedly transfer the money to one of his businesses.   According to the SEC, the advisor allegedly persuaded the client to sell securities in her account and transfer the proceeds to him. He in turn purportedly failed to make investments in any enterprise on the client’s behalf. Instead, he purportedly used the client’s money for his personal expenses and business expenses unrelated to any purported investments. The complaint alleges that he misappropriated a total of $1,295,000, and repaid the client a total of $454,141.  The Financial Industry Regulatory Authority (FINRA) reportedly barred the individual from working in the securities industry on February 16, 2021 after he allegedly refused to provide information in FINRA’s investigation regarding his alleged dismissal from his employer.  The broker report indicates that he was discharged for allegations that he “utilized undisclosed power of attorney to request and facilitate distributions of funds from customer’s outside advisory accounts, deposit customer funds into customer’s bank account, and then had customer provide representative with personal checks totaling $430,000 made payable to a real estate company representative owned and operated as an outside business activity.”  

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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