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Jan 18, 2022 by |

San Mateo County Financial Elder Abuse Attorney: Financial Advisor Sentenced To Prison For Stealing $600,000 From Elderly Investor


Financial Advisor Allegedly Stole From 73-Year-Old Client

Advisor Made 60 Transfers From Client’s Account

Defendant Cultivated Personal Relationship With Client

Senior citizens are at risk from financial elder abuse from caregivers, strangers, and those who have direct access to their money like financial advisors or persons acting under a Power of Attorney.  Caregivers, financial advisors and others often cultivate a personal relationship with a senior deliberately in order to take advantage of closeness and trust.  When those persons take a senior’s property it is financial elder abuse in addition to theft or forgery or other crimes.  The financial predators may also convince the elder to open a joint account with them and then withdraw money from that joint account for their own benefit.  Whatever the form, financial elder abuse is grounds for civil liability under the Elder Abuse Act.  See Cal. Welf. & Inst. Code § 15610.30 (definition of financial elder abuse).  Anyone assisting in the financial abuse is also responsible for their actions.  The definition of financial elder abuse under the Act reads:

(a) “Financial abuse” of an elder or dependent adult occurs when a person or entity does any of the following:

(1) Takes, secretes, appropriates, obtains, or retains real or personal property of an elder or dependent adult for a wrongful use or with intent to defraud, or both.

(2) Assists in taking, secreting, appropriating, obtaining, or retaining real or personal property of an elder or dependent adult for a wrongful use or with intent to defraud, or both.

(3) Takes, secretes, appropriates, obtains, or retains, or assists in taking, secreting, appropriating, obtaining, or retaining, real or personal property of an elder or dependent adult by undue influence, as defined in Section 15610.70.

Relief for the victim includes mandatory awards of attorneys’ fees and expenses in financial elder abuse cases.  Cal. Welf. & Inst. Code § 15657.5.  If you or a loved one is a victim of financial elder abuse 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 Advisor Sentenced For Financial Elder Abuse

In a recent sentencing,[1] a financial advisor will serve more than two years in prison after stealing more than $600,000 from a 73-year-old investor over the course of several years.  According to the Justice Department, the advisor started offering investment services to the unnamed victim, who opened at least five investment accounts with the advisor and eventually opened a joint bank account with him.  Though the client believed the funds in the joint account would be used for her benefit, the advisor made more than 60 transfers from the client’s accounts into the joint account, totaling more than $668,000, most of which the advisor then withdrew for himself according to the government. The government also alleged that on two occasions the advisor paid his own credit card bills from the client’s account.  Throughout this period, the government alleges that the advisor continued a personal friendship with the unnamed client, often driving her to appointments, running errands and visiting her multiple times a week.

Monitoring A Senior’s Accounts

This case illustrates how important it is to stay involved in a senior’s life and prevent them from becoming victims to strangers but also advisors who have worked for the senior for years.    Accompany your older loved ones whenever they meet anyone on business matters. Review bank records and bills continually online.  Never ever allow the senior to give a financial advisor, caregiver, care facility employee or a stranger or new “advisors” a Power of Attorney.  If you suspect abuse, 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 Mateo County 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. is not involved in the reported case in any way.

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