Latest news with #JulieAnneDarrah
Yahoo
24-05-2025
- Business
- Yahoo
Southern California woman stole over $2.2 million from elderly victims; spent money on luxury cars, homes
A California woman was sentenced to prison for stealing over $2.2 million from elderly victims. Julie Anne Darrah, 52, was an investment adviser who used her position to target elderly clients at her firm, including some who were receiving end-of-life care, according to the U.S. Attorney's Office. Darrah stole the funds by gaining control of her client's assets and, without their knowledge, liquidated their security holdings and transferred the proceeds to accounts under her control. She convinced the victims to sign documents that gave her power over their accounts including being made the trustee of their trusts, added as a signatory on their bank accounts or gaining power of attorney over their brokerage accounts. As their investment advisor, Darrah could freely transfer their money to other bank accounts, including some that she owned, court documents said. Prosecutors said Darrah took advantage of the trust her victims placed in her, often convincing them she would take care of them in their older years like a daughter. 'She used this trust to convince them to sign the documents that she then used to steal money from them,' court documents said. From around November 2016 to July 2023, Darrah stole approximately $2.25 million through this scheme. She used the money to purchase luxury vehicles, properties, pay personal expenses and operate other business ventures. Prosecutors said some of her victims were left in desperate circumstances, without the money to pay for end-of-life care, when the fraud was discovered. 'She had also convinced a company identified in the plea agreement as 'Business Victim 1,' a Minnesota-based investment advisor firm, to acquire VFM based on false and misleading statements and the concealment of material facts, including not telling that firm about her theft of individual client funds,' court documents said. 'After the fraud was discovered, Business Victim 1 incurred approximately $5.4 million in losses.' In October 2023, the SEC filed a civil complaint against Darrah in connection with the scheme. In December 2024, Darrah was found liable to pay $2,416,511, including interest. On March 4, she pleaded guilty to one count of wire fraud. On May 19, she was sentenced to 121 months in federal prison for her crimes. Anyone aged 60 and older who may have been a victim or knows someone who has been a victim of financial fraud can call the National Elder Fraud Hotline at 1-833-372-8311. 'Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses,' the U.S. Attorney's Office said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
05-03-2025
- Business
- Yahoo
Southern California investment advisor stole over $2 million from elderly clients
A Santa Barbara County investment advisor pleaded guilty on Tuesday to stealing about $2.25 million from her elderly clients – some of whom were receiving end-of-life care. The Department of Justice announced that Julie Anne Darrah, 52, of Santa Maria admitted to one count of wire fraud and will face a maximum sentence of 20 years in prison. According to the DOJ, Darrah stole her clients' money from around November 2016 to July 2023 while running a locally-based investment advisory business called Vivid Financial Management Inc. (VFM). In order to carry out her fraud scheme, the DOJ said Darrah would first gain her clients' trust – oftentimes by convincing them she would take care of them in their older years like a daughter. Darrah then used this trust to convince her clients to give her control of their assets. Then, without the victims' knowledge or consent – the DOJ said Darrah liquidated their security holdings and transferred the proceeds to accounts she controlled. In addition, down the line, Darrah convinced her victims to sign documents that she then used to steal money from them. These documents would make Darrah the trustee of the signees' trusts, a signatory on their bank accounts, or the documents would give her power of attorney over their brokerage accounts and allow her – as their investment advisor – to transfer funds from their accounts to other bank accounts, including to her own accounts. With the stolen funds, the DOJ said Darrah would buy properties for herself, pay other personal expenses, buy luxury vehicles and operate other business ventures. 'Some victims were left in desperate circumstances, without the money to pay for end-of-life care, when the fraud was discovered,' said the DOJ. The DOJ noted that Darrah also convinced a company – referred to as 'Business Victim 1' in the plea agreement – to acquire VFM. Darrah gave Business Victim 1 false and misleading statements and concealed material facts, including her theft of individual client funds. After the fraud was discovered, the DOJ said Business Victim 1 suffered about $5.4 million in losses. 'The defendant took advantage of her clients' trust,' said Acting United States Attorney Joseph McNally. 'Many of them were elderly and she stole from them using their funds as her own. Our seniors should never have to question whether their money is safe.' In December 2024, a judge found Darrah liable to pay $2,416,511, including interest. Darrah is scheduled for sentencing on May 19 and is currently free on a $50,000 bond. The DOJ added that if you or someone you know is 60 or older and has been a victim of financial fraud, help is available at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
