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Sep 26, 2022 by |

San Francisco Bay Area Financial Elder Abuse Attorneys: Broker Sentenced To Prison For Defrauding Elderly Clients

ATTORNEY NEWSLETTER

Accused of Running $3.2 Million Fraudulent Investment Scheme

One Elderly Client Defrauded Of $400,000

Ordered To Pay Restitution And Serve 6 ½ Years In Prison

Financial advisors and stockbrokers are potential financial predators of senior citizens.  Sometimes, the relationship between the broker and the senior is brand new and sometimes even long-term brokers and advisors may exploit senior clients.  Evans Law Firm, Inc. represents senior victims of financial elder abuse in the San Francisco Bay Area 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 of course a crime 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 the San Francisco Bay Area 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 Investors[1]  

A former stockbroker in Southern California was recently sentenced to 6½ years in prison after pleading guilty to running a $3.2-million securities fraud scheme that targeted low-income persons and seniors, according to federal prosecutors.  The defendant was also ordered to pay more than $3.9 million in restitution, according to a U.S. Department of Justice news release. Defendant’s alleged investment fraud led to a loss of more than $3.2 million, while a separate scheme targeting a senior citizen resulted in a loss of $400,000. The defendant was also accused of underpaying his income taxes by $675,898.  The defendant was accused of deceiving more than 100 people, many of whom were seniors, from 2014 to 2021 by telling them he would invest their funds in short-term construction loans that would yield returns of 15% to 30% for up to three months.  He allegedly showed his investors fake bank statements but in actuality, never invested their money and used it on personal expenses, such as a trip to Las Vegas, credit card payments and two cars, according to prosecutors.  The defendant also allegedly participated in a separate “grandparent scam” in the spring of 2021, in which he falsely told an 82-year-old that his grandson had been arrested for drug possession, according to prosecutors. According to the government, the defendant’s co-conspirators told the grandparent to send $400,000 for “bail,” which actually went to defendant’s bank account.

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 the San Francisco Bay Area or elsewhere in California contact at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</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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