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A Santa Barbara County investment advisor pleaded guilty to stealing about $2.25 million from an elderly client on Tuesday. Some of them were receiving end-of-life care.
The Justice Department has announced that Julie Anne Dollar, 52, of Santa Maria, will admit one count of wire fraud and face a maximum sentence of 20 years in prison.
According to DOJ, Darrah stole client money from around November 2016 to July 2023 and runs a local investment advisory business called Vivid Financial Management Inc. (VFM).
To carry out her fraud plan, the DOJ said Darrah would first win the trust of his client.
Darrah then used this trust to persuade his clients to control their assets.
Afterwards, without the victim’s knowledge or consent, the DOJ said Dollar settled the security holdings and transferred the proceeds to an account she controlled.
Furthermore, down the line, Dollar persuades the victim to sign a document that she has stole money from them.
These documents allow Darrah to grant the trustee of the signer, the signer of a bank account, or the document empowers an attorney through a securities account and as an investment advisor, to transfer funds to other bank accounts, including your own account.
With the stolen funds, the DOJ said Dollar would buy real estate for himself, pay other personal expenses, buy luxury cars and run other business ventures.
“Some victims were left in a desperate situation, having no money to pay for end-of-life care when the fraud was discovered,” the DOJ said.
The DOJ said Darrah had persuaded a company called ‘Business Victim 1’ in the judicial contract to obtain VFM.
Darrah has given business victims one false and misleading statement and hidden important facts, including theft of individual client funds.
After the scam was discovered, DOJ said Business Victim 1 lost about $5.4 million.
“The defendant used the trust of his client,” said US lawyer Joseph McNally. “Many of them are older people and she used her funds to steal from them. Our older people don’t have to question whether their money is safe or not.”
In December 2024, the judge ruled that Darrah was owed to pay $2,416,511, including interest.
Darrah is scheduled to rule on May 19th and is currently free on $50,000 bonds.
The DOJ added that help is available at National Elder Elder Fruad Hotline: 1-833-Fraud-11 (1-833-372-8311) if you or someone you know is over 60 years old and is a victim of financial fraud.
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