US adviser jailed for defrauding elderly
An Arizonan financial adviser has been sentenced to prison, with a US district attorney saying investment scams targeting the elderly have become “rampant”.
According to a statement from the US Attorney’s Office, financial adviser Kay Kevin Perry has been given a 44-month prison sentence for defrauding elderly estate planning clients – some of which were convinced by the conman to liquidate their annuities and provide him with cash loans.
“Unfortunately, the problem of investment scams targeting the elderly has become rampant,” said US attorney for the Arizona district John S Leonardo.
“This case sends a strong message that the United States Attorney’s Office, the United States Secret Service and the FBI are committed to the investigation and prosecution of investment managers who defraud the most vulnerable members of our community.
“The fact that some of the victims of this scheme were infirm, in their 90s, and lost their life savings makes this defendant particularly deserving of a prison sentence.”
Mr Perry faces court again in August to resolve the US $1 million in restitution claims filed against him.
‘You had an expectation that has changed’: AMP
EXCLUSIVE AMP’s new advice executive has explained his position on BOLR, pract...
FPA welcomes new Senate fintech committee
The Financial Planning Association of Australia has backed the establishment of ...
AFCA to name and shame from October
The Australian Financial Complaints Authority (AFCA) will begin naming firms in ...