According to the Sonoma County District Attorney Carla Rodriguez's office, 81-year-old Elana Cohen-Roth of Marina Del Rey in Los Angeles County was sentenced to 12 years in prison on Friday. Cohen-Roth was convicted of 23 felony counts of financial fraud in relation to the scheme, which victimized a Sonoma County woman.
Prosecutors said Cohen-Roth began defrauding the victim in 2013, when she began preparing the 66-year-old's taxes.
Cohen-Roth offered the victim so-called "investment opportunities" in which she promised at least 10% interest at "no risk" on more than 20 occasions from Dec. 2013 to Sep. 2019. Dollar amounts ranged from $25,000 to $150,000.
Prosecutors said bank records revealed that Cohen-Roth was running a Ponzi scheme where others who believed they were investing also deposited large sums of money. Cohen-Roth used the money to pay off earlier "investors" and used the rest to support a lavish lifestyle and to make gifts to family.
"The then 73-year-old victim went from owning her own home and having around $1,000,000 in investments to live on, to being financially destitute," the DA's office said. "The elderly victim was unable to pay for her minimal daily living expenses while Elana Cohen-Roth lived comfortably on the victim's money."
"The judge's sentence is entirely appropriate and hopefully will provide some measure of justice for the victim," Rodriguez said.
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