Federal authorities say a former North Carolina financial adviser has been sentenced to three years in prison for taking millions from an elderly woman with Alzheimer's disease.
U.S. Attorney George Holding announced Wednesday that 66-year-old Harold Blondeau of Raleigh was also ordered to pay nearly $425,700 in restitution to the Internal Revenue Service, the victim, her trusts, and the charity founded with her money.
Blondeau pleaded guilty last year to investment adviser fraud and tax fraud, for not reporting or paying taxes on the illegal income. He admitted taking nearly $3 million from a then-83-year-old Raleigh woman.
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Raleigh Man Receives 3 Years for Bilking Elderly Woman
3 comments:
Three years isn't enough. He didn't cheat just one person - his action affected family, intended charities, and even IRS.
Financial advisors are in the number 1 group of exploiters of the elderly.
I believe Hal Blondeau also scammed my husband's Aunt of a fair sum of money. Already in place as a financial advisor for his Uncle and Aunt, Hal and his family quickly surrounded my husbands' Aunt when her husband passed away. Ultimately, virtually all of her belongings of value were left to his family including a humongous 3-diamond ring. As executor of the estate, Hal sold her home upon her death, and stated there were no funds left over...Please, approx. 2 months spent in assisted living, even with nursing care did not equal the sum her home sold for in a Country Club neighborhood in the toniest, most desired area of Raleigh, NC. I told my husband to ask a few more questions, but he did not comfortable doing so...Hindsight is 20/20.
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