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May 18, 2022 by |

Santa Clara County Financial Elder Abuse Attorneys: Financial Advisor Charged With Stealing From 15 Elderly Clients


Unauthorized Annuity Withdrawals Alleged

Accused Of Forging Withdrawal Requests

Targeted Victims’ Retirement Assets

Unscrupulous financial advisors with access to a senior’s funds are in a position to steal, and if the senior is suffering from cognitive impairment or otherwise unable to manage their affairs, the theft may go undetected.  This is especially true if there is no trusted family member or friend who can monitor the senior’s accounts.  In such cases, any embezzlement 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 Santa Clara 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 Santa Clara 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 From Elderly 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 the charging document, defendant served as a financial advisor for several elderly victims. The advisor allegedly caused unauthorized withdrawals from victims’ annuities and induced victims to give him money to invest on their behalf, which he then used for personal and business expenses. To carry out his scheme, the government alleges that the advisor posed as clients on calls with their annuity companies and signed their names on forms requesting withdrawals from their annuities. Defendant is specifically charged with stealing at least $1.4 million from 15 clients “who were elderly or in poor physical and mental health.”  He 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.  Keep hard copies of all bank records.  You may need them, and 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 Santa Clara County, 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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