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Apr 13, 2023 by |

Los Angeles/Orange County Financial Elder Abuse Attorneys: Financial Advisor Theft From Elderly Clients


$6 Million Stolen From Elderly Clients

Money Spent By Financial Advisor For Personal Expenses

Long Prison Sentence And Restitution Ordered

Seniors are potentially financial elder abuse victims from many different directions: by in-home caregivers; insurance agents, trustees, conservators, second spouses, boyfriends or girlfriends, or financial advisors.  Predators may be strangers or new acquaintances or persons the seniors have known for years, like a trusted financial advisor. Evans Law Firm, Inc. represents senior victims of financial elder abuse in Los Angeles, Orange County and throughout Southern California and the entire State. We 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).  Anyone assisting the wrongdoer in financial elder abuse is also guilty of financial elder abuse under the law.  Cal. Welf. & Inst. Code § 15610.30 (definition of financial elder abuse includes anyone assisting in the wrongful taking of a senior’s property).  If you or a loved one is a victim of financial elder abuse in Los Angeles, Orange County, or elsewhere in Southern California or throughout the State, call our lawyers today at (415)441-8669.  Our toll-free number is 1-888-50EVANS (888-503-8267).

Broker Sentenced For Theft From Elderly Clients[1]  

In a sad example of how a trusted financial advisor of many years can steal from older persons, a former financial advisor was sentenced to 78 months in federal prison for stealing millions of dollars from elderly client accounts whose funds he managed.  According to court documents, over a six-year period the advisor made 62 unauthorized transfers (totaling close to $6 million) from accounts belonging to three elderly clients.  To accomplish the fraud, the advisor allegedly concealed important facts from the victims, lied to them, and committed other fraudulent acts, including misrepresenting the true performance, balance, and rate of return of the accounts he managed.  He also reportedly forged the signature of his clients on documents purporting to authorize transfers out of the accounts, prepared a fraudulent land purchase contract on which he forged a victim’s signature, removed one of the victim’s e-mail addresses from his firm’s client account profile so that the victim would not receive email notifications about unauthorized transfers, and prepared fraudulent account statements that falsely inflated the balance and value of the victims’ accounts. The advisor sent over $4,600,000 of the money on several women with whom he had romantic relationships, paying for ‘gifts and vacations, luxury cars, private school tuition and an apartment in Colombia,’ according to the complaint.  Things began to unravel in early 2020 when a son of one elderly couple noticed discrepancies in his parents’ accounts. He confronted the advisor who eventually confessed, telling them that he would pay the clients back with a signing bonus he’d receive when he joined a new firm, according to court documents.  When that failed to happen, the family went to the authorities, leading to an investigation, arrest, guilty plea and sentencing.

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 Orange County 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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