Securities Arbitration Lawyers BlogEdward Jones Broker Austin Wayne Morton Accused of Elder Fraud Involving 82-Year Old Client Diagnosed with Dementia
The financial advisor’s alleged financial stress stemmed from gambling losses that exceeded his annual income.
The Financial Industry Regulatory Authority (FINRA) is currently investigating former St. Louis, MO- and Oklahoma-based broker Austin Wayne Morton after his dismissal from his member firm, Edward Jones, under suspicion of elder fraud.
According to FINRA, in September 2016, Morton allegedly accompanied his 82-year-old former client diagnosed with dementia to the bank to assist him in withdrawing over $20,000 in cash. Morton then allegedly left with $20,000 of the client’s money. The following month, the elderly client reportedly agreed to provide Morton with a loan for $6,000 to pay for medical expenses. The medical expenses, however, were never actually incurred.