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Feb 8, 2023 by |

Santa Clara County Financial Elder Abuse Attorneys: Financial Advisor Faces Three Years In Prison For Defrauding Elderly Clients


Elderly Victims Lose $480,000

Advisor Uses Client Money To Enrich Himself

Three-Year Scheme Against Elderly Clients

Financial predators can be strangers or new friends or caregivers entering a senior’s life or those the senior has known and trusted for years.  Unscrupulous stock promoters and financial advisors may prey on seniors.  Evans Law Firm, Inc. represents senior victims of financial elder abuse in Santa Clara County and throughout the San Francisco Bay Area, and pursues all remedies against all parties responsible for a senior’s injury, including double damages and payment of attorneys’ fees and costs for having to bring suit to get the injured party’s money back.  Cal. Probate Code § 859 (double damages); Cal. Welf. & Inst. Code § 15657.5 (mandatory attorneys’ fees and expenses in financial elder abuse cases).  Outright theft is a crime, as discussed in the reported case below, and sales of unregistered investments or other fraudulent investments may also constitute violations of other State and federal laws. See, e.g., Cal. Corp. Code § 25400 et seq.; Securities Act of 1933, 15 U.S.C. §§ 77a et seq., and Rule 10b-5 under the Securities and Exchange Act of 1934, codified at 17 C.F.R. § 240.10b-5. If you or a loved one is a victim of financial elder abuse by a broker, advisor or other party in Santa Clara County or elsewhere in the San Francisco Bay Area, call our lawyers today at (415)441-8669.  Our toll-free number is 1-888-50EVANS (888-503-8267).

Financial Advisor Pleads Guilty To Stealing From Elderly Client[1]  

In a recently reported case, a financial adviser has admitted to defrauding five elderly clients in the period from 2016-2019.  Investigators say the defendant ran a Ponzi scheme through his firm, allegedly using client money to enrich himself and pay off promised returns to other clients. The case came to local investigators’ attention after the state Department of Financial Institutions referred administrative charges against the man. He was stripped of his state securities brokerage license in 2020.  Prosecutors agreed to recommend a 36-month prison term at the man’s sentencing hearing next month. In exchange for his plea, they removed aggravating factors that could have toughened his sentence, including allegations that the defendant used a position of trust to mislead his victims. He must also repay the $480,000 stolen from his clients, according to the agreement reached with prosecutors.

Protecting Loved Ones From Financial Elder Abuse

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.  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.  Trace where their funds are being invested and carefully review statements to see if they have been doctored or otherwise appear suspicious.  Keep hard copies of all bank and investment firm 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.

Contact Us

Ingrid M. Evans represents victims of financial elder abuse by brokers, accountants, bookkeepers, financial advisors, insurance agents, retirement planners, investment promoters, caregivers, trustees, or other person in Santa Clara County or elsewhere in the San Francisco Bay Area contact 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 case in any way.

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