Investment Adviser Ordered to Pay Civil Penalty for Defrauding Elderly Client
A Colorado federal court recently entered a consent judgment against investment adviser Steven Rodemer relating to his alleged misappropriation of over $450,000 from an elderly client.
The SEC alleged that Rodemer was an investment adviser to an elderly, widowed client. According to the SEC’s complaint, Rodemer used his power of attorney over the client’s assets to write checks to himself and to his bank. Some of the checks allegedly also were used to cover expenses for his vacation home.
Rodemer also allegedly utilized the client’s debit/credit card to cover personal expenses and make ATM withdrawals, and paid his personal credit card bills from the client’s bank account. The SEC alleged that the client did not authorize any of these transactions, which totaled $451.889. The final judgment orders Rodemer to pay a civil penalty totaling $385,536.
Florida law prohibits exploitation of an elderly client, and victims may be entitled to treble damages (i.e., three times the amount of their damages) and attorney fees. If an investment advisor or stockbroker has abused their position of trust to take advantage of an elderly person, the securities attorneys at Morgan & Morgan’s Business Trial Group are here to help. Please contact us for a free case evaluation.
The Business Trial Group is part of the largest contingency law firm in the nation, with more than 550 lawyers and 50 offices. We have helped investors recover investment losses totaling tens of millions of dollars. We are only paid if we successfully recover money for you.