Mass. man accused of embezzling more than $300K from elderly family member

“This case illustrates one of the most common forms of elder abuse, the financial exploitation by a trusted family member.”

By Dialynn Dwyer

A Chelmsford man was arraigned Monday on charges he embezzled more than $300,000 from an elderly family member, authorities announced. 

Eric Borghetti, 51, pleaded not guilty to five counts of embezzlement by a fiduciary, the Middlesex County District Attorney’s office said in a statement. 

Prosecutors allege that in September 2019, Borghetti was living with the elderly woman at her Chelmsford home when a fire destroyed the house and injured the victim. Shortly afterward, she allegedly appointed Borghetti to serve as her fiduciary, acting in her best interests, with a Durable Power of Attorney. 

“The language of the DPOA did not authorize Mr. Borghetti to receive compensation or gifts in connection with his duties under the DPOA,” the DA’s office said. 

Shortly after the appointment, Borghetti allegedly added himself to the victim’s bank account. Prosecutors allege that after the woman’s insurance company deposited $175,750 to her account, Borghetti used transfers, deposits, and withdrawals to embezzle the woman’s money from four different accounts, including one single alleged withdrawal of $84,000. 

Borghetti is accused of embezzling $328,500 before his family member realized what he was allegedly doing and reported it, officials said. 

“This case illustrates one of the most common forms of elder abuse, the financial exploitation by a trusted family member,” Middlesex County District Attorney Marian Ryan said in a statement. “While these violations of trust may not initially be suspected among family members, this case shows the importance of acting quickly if you are concerned. Here, this defendant seized an opportunity following a large insurance settlement and was able to embezzle a huge amount of money in a matter of a few months.”

Following his arraignment, Borghetti was released on his own personal recognizance on the condition that he not travel outside New England, surrender existing passports, and not apply for any new passports. He will return to court on April 24. 

Attorney information for Borghetti was not immediately available.

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Mass. man accused of embezzling more than $300K from elderly family member