LOS ANGELES – On Monday, Santa Maria investment advisor Julie Anne Darrah was sentenced to over ten years for stealing about $2.25 million from elderly clients of her local investment advisory business.
Darrah, 52, of Santa Maria was sentenced to 121 months in federal prison after pleading guilty to one count of wire fraud on March 4 of this year and is next due in court for a restitution hearing shared the U.S. Attorney's Office for the Central District of California in a press release Monday.
According to the U.S. Attorney's Office, Darrah gained control of her clients assets before liquidating their holdings -without their consent or knowledge- and transferring the stolen funds into accounts she controlled.
Darrah convinced victims to sign documents to make her trustee of their trusts or a signatory on their bank accounts or granting her power of attorney over their brokerage accounts which allowed her to transfer money from victim's accounts to other accounts she controlled explained the U.S. Attorney's Office.
The U.S. Attorney's Office shared that Darrah would often convince her victims that she would take care of them in their later years like a daughter and used that trust to convince the extraordinary access to their finances.
Darrah stole money from her victims from November of 2016 to July of 2023 and used the ill-gotten gains to purchase properties, pay personal expenses, buy luxury vehicles, and operate other business ventures noted the U.S. Attorney's Office.
Some of the victims were left destitute, some without the money to afford end-of-life care added the U.S. Attorney's Office.
Darrah also convinced a Minnesota-based investment advisor firm -referred to as 'Business Victim 1' in court documents- to acquire her company based on false and misleading statements and the concealment of material facts including her theft of client funds detailed the U.S. Attorney's Office.
After the fraud was discovered, the Minnesota company incurred about $5.4 million in losses noted the U.S. Attorney's Office.
In October of 2023, the U.S. Securities and Exchange Commission filed a civil complaint against Darrah in connection with the scheme and in December of 2024, U.S. District Judge Dale S. Fischer found Darrah liable for $2,416,511 including interest shared the U.S. Attorney's Office.
If you or someone you know is a victim of the financial fraud of a person over the age of 60, help is available at the National Elder Fraud Hotline at 1-833-372-8311.
Santa Maria financial advisor Julie Anne Darrah sentenced to over ten years in federal prison for stealing from elderly clients News Channel 3-12.
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