Securities Arbitration Lawyers BlogElder Financial Abuse Charges Against SunTrust Stockbrokers
The US Justice Department today announced the conviction and sentencing of two former employees of SunTrust Bank who pled guilty to financial exploitation of an elderly person.
Former SunTrust bankers Rashad Liverpool, 28, and Robert Tillery, 45, were each sentenced on March 5 after conviction of financial exploitation of an elderly person, in violation of Title 22, D.C. Code, Section 933.01(a)(3).
The victim, a 72-year old military widow and bank client, had diminished capacities. During the summer of 2018, both Liverpool and Tillery paid frequent visits to the victim after normal business hours. This was a clear violation of SunBank’s policies.
The pair first identified funds the widow had in an account at Bank of America. Knowing that she had diminished mental capacities, they were able to convince her to move her monies into other accounts over which they had control.
Liverpool opened an account at Capital One under his name and the name of the victim, and moved $51,900 into the account. He also made $3,200 in ATM withdrawals from the victim’s account while she was hospitalized.
Tillery withdrew $3,000 in cash from one of the victim’s accounts and wrote a check to himself for $25,700 from another.
Both men utilized the widow’s money for their own uses:
- Liverpool took three trips with the money—two to California, one to Miami. While in Miami, he also rented a red Mustang, stayed at a beachfront hotel, and bought items from the minibar in his hotel room.
- Tillery went on a shopping spree at several outlet stores, and used some of the money to relocate to Chicago.
The scheme came to a halt when a newly appointed attorney-in-fact found that the funds were missing after the victim became hospitalized.
Both Liverpool and Tillery were sentenced to maximized probation rather than incarceration. This means that if either defendant violates his probation, the court can later invoke incarceration.
They were also ordered to pay $83,000 in restitution of the amounts they stole from the victim.
Florida Stockbroker Theft Attorneys
Elder financial abuse is on the rise. Florida is home to many seniors and others on a fixed income. Stockbrokers, financial advisors and other professionals frequently have insight into their clients financials and earn their trust. However, a fiduciary should never borrow, take or steal money from their clients. Our attorneys represent investors whose funds are improperly taken by their advisors or are the victim of financial elder abuse.
Silver Law Group Gives Elderly Financial Fraud Victims A Fighting Chance
Older and vulnerable adults are frequently a target of zealous bankers, brokers, and other financial services representatives.
Silver Law Group represents the interests of investors in cases of investment fraud. Our attorneys represent investors in class actions against issuers in state or federal court and investors in securities arbitration claims against Wall Street firms for stockbroker misconduct.
Scott Silver, managing partner of Silver Law Group, is licensed to practice in New York and Florida. Our attorneys handle elder financial fraud issues including claims against financial advisors, stockbrokers and fiduciaries for malfeasance and other misconduct. Elder financial fraud is on the rise and our attorneys are handling multiple cases of theft, misrepresentation, and unsuitability against professionals who claim to be acting in the clients best interest but breach their duties.
Scott Silver is also the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities investment fraud cases. Please contact Scott Silver for a no-cost consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.