A California woman was sentenced to prison for stealing over $2.2 million from elderly victims.
Julie Anne Darrah, 52, was an investment adviser who used her position to target elderly clients at her firm, including some who were receiving end-of-life care, according to the U.S. Attorney’s Office.
Darrah stole the funds by gaining control of her client’s assets and, without their knowledge, liquidated their security holdings and transferred the proceeds to accounts under her control.
She convinced the victims to sign documents that gave her power over their accounts including being made the trustee of their trusts, added as a signatory on their bank accounts or gaining power of attorney over their brokerage accounts.
As their investment advisor, Darrah could freely transfer their money to other bank accounts, including some that she owned, court documents said.
Prosecutors said Darrah took advantage of the trust her victims placed in her, often convincing them she would take care of them in their older years like a daughter.
“She used this trust to convince them to sign the documents that she then used to steal money from them,” court documents said.
From around November 2016 to July 2023, Darrah stole approximately $2.25 million through this scheme. She used the money to purchase luxury vehicles, properties, pay personal expenses and operate other business ventures.
Prosecutors said some of her victims were left in desperate circumstances, without the money to pay for end-of-life care, when the fraud was discovered.
“She had also convinced a company identified in the plea agreement as ‘Business Victim 1,’ a Minnesota-based investment advisor firm, to acquire VFM based on false and misleading statements and the concealment of material facts, including not telling that firm about her theft of individual client funds,” court documents said. “After the fraud was discovered, Business Victim 1 incurred approximately $5.4 million in losses.”
In October 2023, the SEC filed a civil complaint against Darrah in connection with the scheme. In December 2024, Darrah was found liable to pay $2,416,511, including interest.
On March 4, she pleaded guilty to one count of wire fraud. On May 19, she was sentenced to 121 months in federal prison for her crimes.
Anyone aged 60 and older who may have been a victim or knows someone who has been a victim of financial fraud can call the National Elder Fraud Hotline at 1-833-372-8311.
“Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses,” the U.S. Attorney’s Office said.