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Dec 12, 2022 by |

Marin and San Francisco Bay Area Financial Elder Abuse Attorneys: Financial Advisor Admits Stealing From Elderly Clients


More Than $1 Million Stolen

Victims Are 96 And 84 Years Old

Money Allegedly Withdrawn Over Three-Year Period

While any senior can be victims of financial elder abuse, the older a senior gets, the more at risk they are and those who suffer from dementia are particularly vulnerable.  Financial predators can be strangers or new friends or caregivers entering a senior’s life or those the senior has known and trusted for years.  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 Marin and throughout the San Francisco Bay Area, and pursues all remedies against all parties responsible for a senior’s injury, 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 Marin or elsewhere in the San Francisco Bay Area, call our lawyers today at (415)441-8669.  Our toll-free number is 1-888-50EVANS (888-503-8267).

Financial Advisor Admits To Stealing From Elderly Client[1]  

In a recently reported federal securities law and financial elder abuse prosecution, a financial adviser has admitted to stealing more than $1 million from two elderly clients.  The advisor, who reportedly owned his own “planning” business, admitted that he stole a total of $1,087,964 from a 96-year-old client and an 84-year-old client.  The government complaint against him alleged that the advisor withdrew money from the clients’ accounts between February 2015 to July 2018 and deposited the money into his personal checking account or his business account.  Prosecutors report that he also admitted that he prepared false documents to persuade the clients that they were making a significant profit even though he had significantly depleted their accounts.  Under federal statutes, the defendant is subject to a sentence of up to 20 years in federal prison without parole on each of the two counts.

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.  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.  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.

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 Marin or elsewhere in the San Francisco Bay Area 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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