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Jun 14, 2022 by |

San Francisco Financial Elder Abuse Attorneys: Financial Advisor Accused Of Stealing From Several Elderly Clients


Allegedly Took Advantage Of Family Friendships

Money Allegedly Spent On Gambling, Meals, And Care Payments

Authorities Say Over $529,000 Lost 

Seniors are vulnerable to financial exploitation by unscrupulous financial advisors, insurance agents, trustees, caregivers and others.  Often the abuser is a stranger or someone who has only recently entered a senior’s life as a caregiver or in another capacity of providing assistance to the older person.  But sometimes the predator is someone the senior has known for years, like a banker or financial advisor.  Whether the abuser is a stranger or a longtime acquaintance, the economic fallout from financial elder abuse can be devastating and wipe out all of a senior’s savings or even target their home. Evans Law Firm, Inc. represents victims of financial elder abuse, and the families of deceased victims, here in San Francisco and throughout California.  We pursue all remedies available to the injured senior or his or her family including double damages and payment of attorneys’ fees and costs for having to bring suit to get their money back.  Cal. Probate Code § 859 (double damages); Cal. Welf. & Inst. Code § 15657.5 (mandatory attorneys’ fees and expenses in financial elder abuse cases).  If you or a loved one is a victim of financial elder abuse in San Francisco or elsewhere in California, call our lawyers today at (415)441-8669.  Our toll-free number is 1-888-50EVANS (888-503-8267).

Financial Adviser Loses Registration For Stealing From Elderly Clients

In one recently reported case,[1] authorities accuse a former bank investment advisor representative of making misrepresentations to at least four of his elderly customers to convince them to turn over at least $529,780 in cashier’s checks to be invested by him on their behalf.  According to authorities, the advisor convinced these elderly clients that their money would be invested in his mother’s and friend’s businesses. However, investigators found that the advisor used the majority of the funds for personal expenses that included gambling at casinos, restaurant meals and car payments.  The customers allegedly defrauded include three elderly siblings who have an eighth-grade level of education, did not speak or read English, and had diminished capacity. Prior to becoming their financial professional, the advisor and his family were friends with the siblings for more than ten years, having spent time in each other’s homes and celebrated holidays together.  The State investigation also found that the advisor used some of the misappropriated funds to trade in options and in less than two weeks lost all the funds in trading.

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. Accompany any older loved one to any business meeting and plead with them not to make any decisions – or give anyone their savings – without talking it over with you first.  Trace where any annuity, Social Security or pension benefits they receive are being deposited and make sure they are going to your loved one’s account and not being diverted elsewhere.  Keep hard copies of all bank records.  You may need them as banks only keep records for seven years.  Never, ever let them give a Power of Attorney to a caregiver or financial advisor.  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.

Contact Us

Ingrid M. Evans represents victims of financial elder abuse by accountants, bookkeepers, financial advisors, insurance agents, brokers, retirement planners, investment promoters, caregivers, trustees, or other person in San Francisco 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).

Ingrid will pursue all remedies available to injured seniors against all those responsible for the injury.  Remedies include restitution (getting your money back), rescission (undoing invalid contracts), damages, and awards of attorneys’ fees and expenses for bringing your case in certain circumstances. 

[1] Evans Law Firm, Inc. is not involved in the case in any way.

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