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Jun 6, 2014 by |

Senior Citizens Scammed by Glendale Man’s Ponzi Scheme

ATTORNEY NEWSLETTER

According to an article in the Glendale News Press in December 2013, a 52- year-old man named Kaveh Vahedi was sentenced to prison. The defendant allegedly scammed millions of dollars out of many victims. It was alleged that his own elderly parents were victims of his scam. According to court documents, there were three separate financial fraud schemes, including a Ponzi scheme. More than $9.8 million dollars were allegedly lost to the financial fraud schemes by a multitude of trusting investors. U.S. District Judge Dean Pregerson described this Ponzi scheme as “one of the most heartbreaking, vicious fraud schemes” that he has ever seen. Los Angeles financial fraud attorneys are glad that the defendant will serve time for his actions.

A 67- year- old woman was allegedly defrauded out of over $300,000 after having invested in the Ponzi scheme. The defendant’s parents were also allegedly defrauded out of nearly $700,000. The defendant allegedly took money out of his parents’ bank account and took out a home equity loan on his father’s home. Other alleged victims were cancer patients, senior citizens, and a disabled law-enforcement officer who also lost large amounts of money. The defendant’s schemes caused financial hardship to the alleged victims. It was alleged that the actions of the defendant inflicted emotional injuries such as failed marriages, anxiety, panic attacks, and suicidal thoughts on the victims. Los Angeles financial fraud attorneys warn the public that financial fraud is a problem to watch out for.

Senior citizens, including the defendant’s 80-year-old father, were especially vulnerable to this Ponzi scheme. According to court documents, the defendant was “a self-confident and charismatic narcissist, a chameleon who is an unscrupulous manipulator.” The financial fraud scheme allegedly operated for more than a decade and hundreds of elderly victims were defrauded. Los Angeles financial fraud attorneys say that senior citizens are often targeted for financial crimes.

Ponzi schemes, especially those involving the elderly, are not uncommon. In this case, the defendant allegedly didn’t even spare his own parents. Financial elder abuse attorneys warn that financial abuse can happen to anyone, including senior citizens, and thus warn the public to keep a close eye on senior family members. Los Angeles financial fraud attorneys say that investments that seem too good to be true are likely to be fraudulent.
Evans Law Firm, Inc. handles elder abuse, financial elder abuse, physical elder abuse, annuity fraud, consumer fraud class actions, insurance and banking fraud cases. If you think that you have witnessed or are the victim of elder abuse, or financial fraud by a life insurance company, bank or individual then, contact the Evans Law Firm at 415-441-8669 for a free and confidential consultation, or email us at info@evanslaw.com

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