Elder fraud

At least 17 individuals invested $13 million in the scheme, and many lost 'substantial portions' of their life savings, prosecutors say.

The funds allegedly paid for summer camp fees and a 1976 Corvette.

Some of the proceeds went to commission a song with the lyrics: “Pop champagne in L.A., New York to Florida; buy another bottle just to spray it all over ya,” says the SEC.

The regulator obtained an emergency asset freeze against the advisor.

The advisor told the client that she could pre-pay her advisory account fees at a discount by writing him a $7,400 check, FINRA claimed.

The broker used the funds to pay his mortgage, FINRA claimed.

The fraudulent investments advertised guaranteed returns of up to 8% annually, the regulator says.

Howard Price III used the funds to make purchases at clubs, bars and restaurants, say regulators.

Dean Mustaphalli "deceived the clients that trusted him," New York Attorney General Barbara Underwood said.

Former advisor Paul Marshall's prison term "will be little solace to the dozen victims who lost their life savings due to his greed and callous concern for their well-being,” the FBI says.

Clients thought they were investing in real estate developments that would be flipped for profit.

Overall, the advisor defrauded at least nine clients out of $1 million, which he used to pay for tuition and mortgage payments, federal prosecutors say.

The Ponzi-like scheme used investor funds to pay other investors’ debts and cover personal expenses.

The dirty little secret about elder exploitation is that almost 60% of cases involve a perpetrator who is a family member, according to a 2014 study.

The defrauded clients included the advisor’s own in-laws, who had suffered from Alzheimer’s and a debilitating stroke.

One couple in their eighties invested more than $700,000 with the alleged schemers, representing almost the entirety of their cashed-out pension, regulators say.

Seniors should consider designating joint agents, reviewing the security features on their financial accounts, and having their names removed from credit card solicitations.

Pinnacle Investments tapped Ami Forte despite her ongoing legal struggles with her former firm and Home Shopping Network founder Roy Speer’s estate.

Spanning 50 federal districts, the case involves criminal and civil charges for as many as 200 defendants.

The advisor fleeced the duo of nearly $1 million by misappropriating their stock holdings and initiating unauthorized wire transfers from their bank account, prosecutors allege.