Elderly Scammed by Money Manager
When state insurance investigators began investigating the trust of a recently deceased elderly woman, they immediately noticed something was wrong. Thousands of dollars were being siphoned out of the account and going somewhere. As it turns out, the money was being pilfered by the woman’s own money manager, Greg Steen. Recently, local seniors have become scammed by money manager because they’ve become a trusted resource. As reported by ABC 30, authorities discovered the man had extracted well over $60,000 in funds he wrote off as administrative fees – despite the fact the trust’s owner had been dead years. When questioned by California Department of Insurance as to why the money had not been distributed to the designated family members, Steen explained that the intended recipients were minors and he was unable to track them down.
Unfortunately, this is not the first time Mr. Steen has been caught scamming older individuals. As a money manager specializing in Medi-Cal planning and asset protection, Steen was fired from his job after it was discovered that he owed the IRS and other entities nearly $500,000. Authorities believe he used his elderly father as a “ghost writer” to help him get annuities approved. Ultimately though, Steen’s misdeeds caught up with him and he potentially faces over three dozen counts of grand theft, embezzlement and identity theft.
Sadly, in the state of California this is an all too common scenario. While many cases of elder abuse involve a type of neglect or physical harm, many more include theft or misappropriation of funds. If you have a loved one whom you believe has been scammed or taken advantage of financially, don’t hesitate to contact us. Call the Law Office of Rick D. Banks today and discover the options you have available.