New Jersey Financial Advisor Steals $300,000 From Elderly Client, Gets Seven-Year Prison Term

A New Jersey financial advisor has received a seven-year prison sentence after draining more than $300,000 from an elderly client’s accounts.

John Boston, 50, of Verona, New Jersey, managed assets for the 90-year-old woman after she inherited money from her late brother but never got employer approval to provide financial advisory services to her or registered her as a client, reports NJ.com.

State law requires financial advisors to register all clients.

Prosecutors say Boston obtained financial power of attorney over the victim in June 2017 and then proceeded to steal her cash through ATM withdrawals, bank transfers and other moves. He also diverted her Social Security benefits to himself for his own use.

He resigned from the securities industry in 2019 and has not been registered as an advisor in New Jersey ever since.

Trial evidence showed that he stole more than $300,000 from the victim.

Says New Jersey Attorney General Jennifer Davenport,

“New Jerseyans, especially older New Jerseyans, should be able to trust the professionals they rely on to manage their finances. When that trust is exploited, we will work to ensure those responsible are held accountable.”

State officials are urging anyone who suspects elder financial exploitation to report it through New Jersey’s dedicated fraud hotline or email tip line.

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The post New Jersey Financial Advisor Steals $300,000 From Elderly Client, Gets Seven-Year Prison Term appeared first on The Daily Hodl.