Investment Advisor Misappropriated $450,000 From Elderly Client
Senior citizens are becoming increasing targets of financial exploitation, which can result in significant losses.
Recently, a Colorado federal court entered a consent judgment against an investment advisor relating to his alleged misappropriation of more than $450,000 from an elderly client. The final judgment orders Rodemer to pay a civil penalty totaling $385,536.
The Securities and Exchange Commission alleged that Steven Rodemer was an investment advisor to an elderly, widowed client. The SEC’s complaint states that Rodemer used his power of attorney over the client’s assets to write checks to himself and to his bank, some of which were used to cover expenses for his vacation home.
According to the SEC, Rodemer also allegedly used the client’s debit/credit card to cover personal expenses and make ATM withdrawals. He also paid his personal credit card bills from the client’s bank account. The client did not authorize any of these transactions, which totaled $451.889, according to the SEC.
If an investment advisor or stockbroker has abused their position of trust to take advantage of an elderly person, the securities attorneys at Morgan & Morgan’s Business Trial Group are here to help.
Under Florida law, exploitation of an elderly client is prohibited, and victims may be entitled to treble damages (three times the amount of their damages) and attorney fees.
Contact us today for a free consultation. Because we work on a contingency basis, there are no upfront costs or hourly fees to hire us.