SONOMA COUNTY, Calif. (KRON) – A retired IRS agent in Southern California, 81, was sentenced to 12 years in state prison on Friday for saving all of the elderly Sonoma County women over a seven-year period.
Elana Cohen Ross, 81, of Marina Del Rey, has been convicted of 23 felony crimes related to fraud, the office of Sonoma County District Attorney Carla Rodriguez announced in a press release.
“The victims’ years of hard work and lifelong savings have disappeared due to Cohen Ross’ greed,” Rodriguez said. “Unfortunately, the victim will not be financially whole and her life will be affected forever. I hope that the judge’s decision is perfectly appropriate and will provide some justice to the victim if possible.”
The older man scams him from nearly $2 million. His Irvine home, the yacht
Cohen Ross, who also worked as a tax expert, first prepared the victim’s tax in 2013. After becoming friends with the victim, Cohen Ross accessed her financial information.
From December 2013 to September 2019, Cohen Ross expanded “investment opportunities” to her at over 20 different opportunities, the District Attorney’s Office said. During this time, the victim gave Coenross amounts ranging from $25,000 to $150,000 for the estimated investment.
“Cohen Ross told the victim that while her investments are making some money, investing with her will earn much more money,” a press release from the DA’s office reads. “Cohen Ross told the victims he was investing in some kind of real estate transaction that could earn at least 10% interest “without risk.” Based on Cohen Ross’ qualifications and their friendship, the victims fully trusted Cohen Ross’ financial advice. ”
Cohen-Roth’s bank records showed that she runs a sophisticated Ponzi scheme along with other “investrs.” Cohen Ross used some of the victim’s money to pay off his former “investments” and used the rest to fund his “luxurious lifestyle” and gave gifts to his family.
By September 2019, Coenros had spent all his money on her immoral investment account and retrieved the reverse mortgage in her home. The Ponzi scheme collapsed in 2020, allowing her to approach her family as the victim demanded profits from her investment.
“Cohen Ross had no other source to pay the victim, so the entire plan fell apart and the victim didn’t return her money,” the DA’s office said. “The then 73-year-old victim owned his own home and ended up in financial poverty with an investment of about $1 million. The elderly victim was unable to pay the minimum daily living expenses while living comfortably with the victim’s money.”
A ju judge in Sonoma County convicted Cohen Ross of all 23 felony financial fraud charges brought against her. Due to Cohen Ross’ age, Sonoma County Judge Page Hein sentenced her to 12 years in prison, not up to 28 years.
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