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Mar 10, 2022 by |

San Francisco Financial Elder Abuse Attorneys: Former Financial Advisor Sentenced For Stealing $600,000 From Elderly Client

ATTORNEY NEWSLETTER

73-Year-Old Victim

Theft From Joint Account With Victim

Over $600,000 In Unauthorized Withdrawals

Financial abuse is a common problem with elderly people for many reasons. Sometimes, elder abusers may be suffering from mental impairments such as Alzheimer’s or dementia. These health issues can be exploited by the perpetrator to take control of their finances and then use them for their own gain.  Even if victims are in good health with no mental impairments they can still be targeted for financial exploitation, even from longtime advisors.  Elder financial abuse can happen in nursing homes or assisted living facilities and from in-home caregivers or persons directly involved with a senior’s finances such as by power of attorney, or as trustee, guardian, conservator, broker, insurance agent or other financial advisor.  Evans Law Firm, Inc. represents victims of financial elder abuse here in San Francisco and through California at the hands of a financial advisor, insurance agent, caregiver, trustee, broker, person acting with a Power of Attorney for you, or any other individuals or businesses.  If you or a loved one is a victim of financial elder abuse here in San Francisco or elsewhere in California, call our lawyers today at (415)441-8669. 

Financial Advisor Sentenced

A recent sentencing of an advisor in a criminal case of exploitation of an older client demonstrates what can happen when an unscrupulous advisor has undetected access to an older person’s account.[1] According to the U.S. Department of Justice (“DOJ”), starting in 2015, a registered broker provided investment services to a 73-year-old widow. The client opened five investments accounts with the broker, according to the DOJ, and within three years of the start of the relationship the broker convinced the victim to open a joint bank account with him.  Then, for the next two years, according to the DOJ, the broker transferred more than $668,000 from the victim’s investment accounts into the joint bank account and, without the victim’s knowledge or authorization, withdrew more than $621,000 in cash from the bank account for his personal use.  The broker pled guilty to one count of wire fraud in federal court and was sentenced to 30 months in prison and ordered to pay restitution of $639,580. He has been barred from the financial industry by the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC).

Protecting Loved Ones From Financial Elder Abuse

If you are a family member of an older loved one the best way to protect them is to stay involved in their lives and financial affairs and monitor all bank and investment accounts on a monthly basis. If a new financial advisor has approached your loved one checkout his or her FINRA license and history at https://brokercheck.finra.org/.   Accompany any older loved one to any business meetings so that they are not sold an unsuitable investment or insurance product under the pressure of a broker or agent.  Take a look at government resources that can help you protect them too.  Investors can find additional information about how to protect their investments at Investor.gov. The SEC’s Office of Investor Education and Advocacy encourages senior investors to learn more at the senior investor education webpages on Investor.gov and report any suspicious investment-related activity or schemes using the SEC’s online tips, complaints, and referrals (TCR) system. If you suspect any financial elder abuse or theft by a financial advisor, the elder abuse, call elder counsel for help.

Contact Us

Ingrid M. Evans represents victims of financial elder abuse by financial advisors, insurance agents, brokers, retirement planners, investment promoters, caregivers, trustees, or other person here in San Francisco or elsewhere in California contact at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. 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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