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Apr 6, 2022 by |

San Mateo County Financial Elder Abuse Attorneys: Financial Advisor Accused Of Stealing $1.4 Million From Elderly Clients

ATTORNEY NEWSLETTER

Allegedly Stole Seniors’ Retirement Assets

Advisor Faces Up To 37 Years In Prison

15 Elderly Or Dependent Adult Victims

Persons with direct access to a senior’s finances include individuals acting by power of attorney, or as trustee, guardian, conservator, broker, insurance agent, accountant, or other financial advisor to the senior.  Such persons are in a position to steal funds, and if the senior is suffering from cognitive impairment or physically unable to monitor their affairs, the thieves may go undetected for long periods of time.  Indeed, any embezzlement or other taking may not be discovered until after the victim has died.  Evans Law Firm, Inc. represents victims of financial elder abuse, and the families of deceased victims, here in San Mateo County and 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 Mateo County, 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).

Adviser Charged With Stealing $1.4 Million From 15 Elderly or Dependent Adult Clients

A recent criminal case illustrates what can happen when an unscrupulous financial advisor has access to a senior or dependent adult’s annuities and retirement accounts.[1] According to charges brought by the U.S. Department of Justice (“DOJ”), form 2015-2021 a former financial advisor made unauthorized withdrawals from his clients’ annuities by allegedly impersonating them on calls with the annuity companies and forging their signatures on withdrawal request forms and other documents. He is also charged with getting clients to sign annuity surrender forms and then fraudulently altering the surrender forms to have the proceeds paid to him.  The DOJ also alleges that defendant induced elderly clients to give him their money to invest their retirement funds for them, which he then allegedly used for personal and business expenses.  The advisor is accused of stealing at least $1.4 million from 15 clients “who were elderly or in poor physical and mental health,” and purportedly continued the alleged fraud for months after being barred by FINRA in November 2020 for failing to respond to their requests for information. 

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 reviewing the statements and paperwork he was processing on behalf of his elderly clients.  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.  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 Mateo County, 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).

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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