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Nov 10, 2021 by |

San Francisco Financial Elder Abuse Attorney: SEC Claims Financial Advisor Stole Nearly $1Million From Three Elderly Clients


Advisor Allegedly Withdrew Funds From Client’s Trust

Authorities Discover 20 Fraudulent Letters Of Withdrawal

Money Spent On Vacations And Luxury Cars

Seniors may be financially exploited from pretty much any direction. Even trusted financial advisors of years may exploit elderly clients. Taking someone else’s money without their knowledge is a crime and, when the victim is 65 years of age or older, financial elder abuse  Financial elder abuse itself is a crime and grounds for civil liability of the abuser. California Penal Code § 368 and Cal. Welf. & Inst. Code § 15610.30 (definition of financial elder abuse).  Other crimes like wire fraud and securities law violations may be involved too. Evans Law Firm, Inc. represents California seniors who suffer financial elder abuse at the hands of financial advisors, caregivers or strangers with access to a senior’s money or at the hands of insurance agents, financial advisors, retirement planners and stockbrokers whether by sales of unsuitable investments including annuities, unauthorized trades, misrepresenting investments, failing to disclose important information, or theft.  If you’re the victim of financial elder abuse here in San Francisco or elsewhere in California call us today at (415)441-8669. Our toll-free number is 1-888-50EVANS (888-503-8267).

Financial Elder Abuse By Investment Advisor

In one recently reported case,[1] the U.S. Securities and Exchange Commission (SEC)  and U.S. Department of Justice (DOJ) have pressed charges against and investment advisor for allegedly defrauding three elderly client of approximately $970,000 over the course of several years.  According to the SEC’s complaint, the advisor worked at various investment firms and then his own firm.  He filed for bankruptcy when his own firm began to struggle financially.  At the same time, according to the SEC, he began to take his client’s money.  Specifically, he allegedly accessed the accounts of three older clients by getting the clients to sign blank authorization forms which he would then use to transfer funds from their accounts to his own.  He explained the moving of funds to his clients as steps to “diversify” their portfolios according to the government.  He also allegedly forged various documents, created statements that falsely boosted the clients’ account balances, and created false tax forms for one of the clients who asked about withdrawals from her account, according to the DOJ.  The financial elder abuse was brought to the attention of the SEC and DOJ by a daughter of one of the victims who noticed the high amount of withdrawals from her parent’s account. The case is currently pending in federal court.

Monitoring A Senior’s Accounts

Only after a family member reviewed her elderly parent’s account statements did the financial fraud come to light.  According to the government, the defendant had chosen to take money from these three particular elderly clients because he did not think the withdrawals would be detected. This pattern is not uncommon.  Don’t let your older loved ones be injured by this kind of sustained abuse.   Stay involved in a senior loved one’s life and look for signs of financial abuse.  Review bank records and bills continually.  Do a background check on anyone you allow in their home to help them.  Keep all important financial papers, Social Security numbers, ATM cards and credit cards safely stowed away.  Make sure there’s not a lot of cash or jewelry around that can disappear.  Most importantly – never ever allow the senior to give a caregiver a Power of Attorney.  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.

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 the reported case in any way.

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