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Sep 16, 2022 by |

San Francisco Bay Area Financial Elder Abuse Attorneys: SEC Charges Broker With Stealing From Elderly Clients


Senior Investors Allegedly Bilked Out of $ 800,000

Broker Allegedly Hid Stolen Money In Wife’s Account

Multiple Complaints Of Misappropriated Funds Filed

One of life’s sad truths is that whenever someone has access to someone else’s money there is a risk of fraud or theft.  This reality is particularly true for older persons whose ability to detect any theft or fraud may be impaired allowing the dishonest person to get away with their activity.  Even trusted financial advisors and stockbrokers of many years are potential financial predators.  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).

SEC Charges Former Broker With Stealing From Elderly Investors[1]  

The U.S. Securities and Exchange Commission (SEC) recently charged a broker with stealing approximately $800,000.00 from his clients, all of whom were senior citizens, according to the allegations.  The SEC alleges that the broker convinced his customers to transfer money out of their bank accounts to him for what he claimed would be an investment in tax-free bonds. Instead, these bonds did not exist and the customer funds were being transferred to one of the broker’s personal accounts without the investors’ knowledge.  The broker also allegedly put some of the money in his wife’s bank account, telling her it was some sort of personal investment.  Wherever the client money was deposited, the SEC alleges that the broker used at least $778,000 of the funds for his own personal use and sent $22,000 of their money back to his customers, in Ponzi-like fashion, so it would appear the bonds were accruing interest.  The broker allegedly did this by altering cashier’s checks with white out from his bank, funded with money drawn from his own personal account. The SEC alleges that the broker used his client’s money for mortgage payments, house renovations, paying his lawyer, and relatives. According to the SEC complaint, the broker convinced all his customers to make these investments through conversations, with no investments on paper, taking advantage of his long-term relationship with the customers and the trust he had built with them over the years.

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=””></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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