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Oct 20, 2022 by |

Los Angeles Financial Elder Abuse Attorneys: Stockbroker Theft From 86-Year-Old Client


Broker Pleads Guilty To Writing Checks To Himself

Opened Credit Cards In Senior’s Name

Five-Years Probation And Full Restitution Ordered

Financial advisors and stockbrokers are potential financial predators of senior citizens.  While financial exploitation seems most often to occur when a “new” broker or advisor targets an elderly customer but sometimes even longstanding brokers and advisors exploit their elderly clients.  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).

Broker Sentenced For Stealing From Elderly Client[1]  

A former stockbroker recently pleaded guilty to financially exploiting a wealthy 86-year-old woman with dementia.  The plea followed years of investigation into whether the former stockbroker stole tens of thousands of dollars from the woman.  Investigations began when  local Adult Protective Services unit received anonymous tips through its abuse hotline that an elderly woman with a debilitating disease that impairs judgment was potentially being financially exploited.  According to investigators, the defendant trolled the victim’s neighborhood searching for a wealthy, vulnerable person.  He was able to persuade the victim to move her nearly $4 million account at her longtime investment firm to his own firm.  He continued to build trust with the woman by helping her with daily tasks and running errands, investigators said.  A review of the victim’s financial records by investigators showed Marino accessed the woman’s funds for his own personal gain.  Eight checks totaling $20,500 were written out to cash and endorsed by the broker during one period of about six months.  Additionally, an American Express gold card was opened in his name but tied to the victim’s account. The card was used for purchases at football games, restaurants, gas stations, grocery stores, hardware stores and for improvements to the broker’s home investigators said.

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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