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Aug 20, 2023 by |

San Francisco Bay Area Financial Elder Abuse Attorneys: SEC Charges Former Broker with Defrauding Senior and Disabled Customers


Accused of Defrauding At Least 20 Clients

Many Victims Were Seniors Or Disabled Persons

SEC Says At Least $3 Million Stolen

Financial advisors and stockbrokers are potential financial predators of senior citizens and disabled persons (dependent adults under California law).  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 Charged With Defrauding Elderly And Dependent Adult Investors[1]  

A former stockbroker has been charged by the U.S. Securities and Exchange Commission (SEC) with defrauding at least 20 brokerage customers of at least $3 million.  According to the SEC’s complaint, the broker obtained investor funds through deceptive means by instructing his brokerage customers to write checks payable to himself or various entities by falsely assuring customers that he and his entities would invest the customers’ funds in various securities. As alleged, the broker instead misappropriated investors’ funds and kept the money for his own personal use, spending it on real estate, boating, hunting, casinos, and adult entertainment. The complaint further alleges that, in order to conceal and continue his scheme, the broker presented defrauded customers with forged account statements or portfolio holdings statements that contained falsified entries indicating the customers were invested in the products promised by him.  Many of the victims were seniors and/or disabled individuals, the complaint alleges. According to the complaint, the broker also made Ponzi-like payments to at least one customer by using other customers’ funds to make regular deposits from a corporate bank account he controlled into this customer’s account, which he falsely claimed were interest payments or regular distributions on an investment.

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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