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Nov 23, 2022 by |

Marin and San Francisco Bay Area Financial Elder Abuse Attorneys: SEC Charges Of Financial Elder Abuse Of 97-Year-Old By Stock Broker


Years Of Allegedly Fraudulent Transactions

$1,295,000 Allegedly Taken From Elderly Client

Twenty-Year Relationship With 97-Year-Old Client

Seniors can be victims of financial elder abuse from strangers and from those they have known for years.  The older a senior gets, the more at risk they are and those who suffer from dementia are particularly vulnerable to financial abuse. 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).

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.  

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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