Friday, January 25, 2013

Ex-Lakewood broker gets 5 years for theft from an elderly client

A former Lakewood stockbroker who federal prosecutors called “arrogant and shameless” was sentenced Thursday in U.S. District Court in Tacoma to five years in prison for bilking an elderly client out of hundreds of thousands of dollars.

Michael D. Montgomery, 44, also must pay yet-to-be-determined restitution to the estate of the man he defrauded. That man died in 2006 at age 90.

Prosecutors said Montgomery, who now calls Colorado home, served as the man’s financial adviser and then became trustee of the man’s revocable living trust. He used his positions to make loans to himself from the man’s accounts, many of which he failed to repay.

They also said he billed the estate for hours he never worked.

Prosecutors said Montgomery purloined $1.2 million from the man and his estate. His defense attorney, Emily Gause of Seattle, claims the loss was less than $900,000.

He pleaded guilty in June to wire fraud and filing a false tax return for failing to report the income.

Prosecutors said Montgomery used the stolen money to finance a high-flying lifestyle in Aspen, Colo., where he trained to be an elite triathlete. The victim’s heirs were left with nearly nothing.

Full Article & Source:
Ex-Lakewood broker gets 5 years for theft from an elderly client


Mary said...

5 years? I like the sound of that!

Hannah said...


Thelma said...

How many others are there who are not getting caught?