Financial Adviser in New Jersey Convicted of Stealing $1.3 Million from Parents

New Jersey Criminal DefenseA financial adviser from Morris County was recently sentenced to five years in state prison for allegedly defrauding his elderly parents out of more than $1.3 million.

The 50-year-old had been acting as his parents’ financial adviser, who gave him their retirement money to invest on their behalf.

Due to the conviction, the financial adviser will also have his insurance-producer license suspended for the duration of his sentence.

Investigation into the case began with a tip to the authorities, and in August of this year, the adviser pled guilty to a second-degree charge of theft by unlawful taking.

Between 2005 and 2011, he admitted to transferring money from the accounts he had been managing on behalf of his parents to his own account without obtaining their authorization. He also admitted to spending the money on personal expenses and left only a small sum of money in his parents’ retirement account.

In New Jersey, theft crimes are charged by degrees, which are determined on the value of the property that has been taken. A second degree charge of theft, for example, occurs when the value of the stolen property is at least $75,000 or more.

Facing charges for theft can alter an individual’s life on many levels and make it difficult for the accused to get back on his or her feet. If you have been accused of a white collar crime, please contact the New Jersey criminal defense lawyers at Lubiner, Schmidt & Palumbo. We are experienced at defending corporate and individual clients against criminal investigations and will provide the aggressive, knowledgeable legal advocacy to protect your rights and your future.