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Jun 18, 2022 by |

San Francisco Financial Elder Abuse Attorneys: SEC Bars Financial Advisor For Misappropriating Funds From Elderly Client

ATTORNEY NEWSLETTER

Advisor Allegedly Spent Elderly Client’s Money On Himself

Thousands In Overcharges On Account

Accused of Four Years Of Misconduct 

Sales of unsuitable investments to seniors may constitute financial elder abuse.  Largescale pyramid or Ponzi schemes may also target seniors. Churning investments in a senior’s account to generate commission is abusive. But senior investors are also at risk of plain outright theft of the funds as a recent case discussed below illustrates. Whatever the form of financial abuse, Evans Law Firm, Inc. represents victims and their families 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).

SEC Bars Adviser Charged With Stealing From Elderly Client

The U.S. Securities and Exchange Commission (SEC) has recently barred an independent register investment advisor for theft from an elderly client.[1]  The case shows how an unscrupulous advisor or broker can take advantage of an elderly client’s trust to steal from the client. According to the SEC, the advisor misappropriated more than $305,000 from an elderly investment advisory client and also overcharged the same client at least $9,000 in fees on assets under management.  According to the SEC complaint, starting in 2016, the advisor began soliciting his elderly client to write $306,000 in checks to his own firm for purported investments in securities.  The SEC alleges that the advisor didn’t invest any of the money. Instead, the SEC claims that shortly after receiving each of the checks (totaling the $306,000), the advisor spent all of the client’s money for his own benefit. He also overcharged the client at least $9,000 in fees on the account, according to the SEC.

Protecting Loved Ones From Financial Elder Abuse

The advisor in the reported case was able to get away with his alleged fraud because no one was watching to see where the $306,000 went or looking at the fees being charged against the elderly customer’s account.  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 any annuity, Social Security or pension benefits are being paid 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.  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 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=”mailto:info@evanslaw.com”>info@evanslaw.com</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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