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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all