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Oct 10, 2021 by |

San Francisco Financial Elder Abuse Attorney: Financial Advisors Pleads Guilty To Taking From Elderly Clients


Advisors Accused Of Stealing From Older Clients

Forgeries And Using Revoked Power Of Attorney

 Accessing Client’s Accounts After Being Fired

Taking a senior’s property and money is a crime and grounds for civil suit.  See Cal. Penal Code § 368 (crime of elder abuse) and Cal. Welf. & Inst. Code § 15610.30 (definition of financial elder abuse for civil liability purposes). The financial elder abuse may include other criminal violations like wire or mail fraud, identity theft, and the like.  All types of unscrupulous persons and business prey on seniors, including caregivers, insurance agents, stockbrokers, advisors, trustees, second spouses or boyfriends or girlfriends, and complete strangers. If you are the family member of an older loved one watch over their financial accounts and important papers and whenever you detect irregularities in a senior’s financial accounts or even suspect that a senior may be taken advantage of by someone, seek legal counsel.  Evans Law Firm, Inc. has years of experience representing seniors who are victims of abuse from advisors, brokers, insurance agents, trustees, bankers, caregivers and others.  If you’re the victim of financial elder abuse here San Francisco or elsewhere in California call us today at (415)441-8669. Our toll-free number is 1-888-50EVANS (888-503-8267).

Two Recent Financial Advisor Cases  Of Financial Elder Abuse

In the first recent case, a 29-year-old financial advisor plead guilty to taking more than $250,000 from an elderly former client, according to the U.S. Attorney’s Office.[1] The charging document accused the advisor of accessing and liquidating the victim’s bank account nine months after she fired him and revoked the power of attorney authority she had previously granted him.  The U.S. Attorney’s office said the advisor transferred more than $250,000 to his account, including more than $100,000 he used to pay his own student loans after forging her signature in a “gift letter” as part of the fraudulent transfer.

In the second case, a financial advisor has been charged with defrauding elderly clients and stealing retirement assets.  According to the charging document in that case, the financial advisor allegedly caused unauthorized withdrawals from victims’ annuities and induced victims to give him money to invest on their behalf, which he then used for personal and business expenses. To carry out his scheme, the advisor allegedly posed as clients on calls with their annuity companies and signed their names on forms requesting withdrawals from their annuities. 

Watching A Senior’s Accounts And Money

These patterns of repeated transfers, identity theft and impersonation to access a senior’s account are not uncommon.  Where a senior is incapacitated or for whatever reason unable or slow to monitor his or her accounts, this kind of fraud can occur.  If you have a senior loved one, monitor his or her accounts online as vigilantly as you do your own accounts and charge cards.  Review bank records and bills continually.  Never ever allow the senior to give a financial advisor, stock broker, or caregiver a Power of Attorney.  As one of the above cases illustrates, an unscrupulous agent may use a Power of Attorney for account access even after the principal has revoked the power.  If you suspect abuse, notify the authorities but also call elder law counsel to help you pursue all available remedies against anyone responsible for abuse, including an award of attorneys’ fees and costs for bringing your suit under Cal. Welf. & Inst. Code § 15657.5.

Contact Us

If you or someone you love is the victim of any type of financial elder abuse in San Francisco or elsewhere in California, call Ingrid M. Evans at Evans Law Firm, Inc. 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. was not involved in either of the reported cases in any way.

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