FL Financial Advisor Found Guilty of Attempted Financial Exploitation of the Elderly

Longtime Lake Forest resident and financial advisor James P. Richter was found guilty of Attempted Financial Exploitation of the Elderly on April 4 by the Lake County Circuit Court. According to public records, the Class A misdemeanor carries a sentence of 12 months conditional discharge including 100 hours of community service and a $500 contribution to a charity. He’s also required to avoid all contact with the two senior citizens at the center of the case.

They’re a married couple in their late-70s/early-80s who have lived in Lake Forest for 45 years and, they said, had been clients of Richter’s since 1993. They spoke with GazeboNews on the condition of anonymity to raise awareness of the issue of exploitation of the elderly. GazeboNews called and emailed Richter and his attorney several times but were unable to get a comment from them.

The story of People vs. James P. Richter began in February 2010, when, according to Lake County Assistant State’s Attorney Stephen Scheller, Richter asked the couple for a $45,000 loan, which they gave him. Approximately one year later, he said, Richter asked for a second loan, this time in the amount of $15,000, which the couple also gave him. Scheller said that in both cases, Richter signed promissory notes.

In the fall of 2011, the couple contacted the Lake County State’s Attorney’s Office, which opened an investigation and eventually reached an agreement with Richter and his attorney, in which Richter pleaded to a misdemeanor if he paid the couple back in full, which he did, according to Scheller. He said that the amount of money involved would have warranted a felony charge if the money had not been repaid.

“Obviously, we want to charge the offender, but if we can get the victims’ money back, it doesn’t do us any good to throw the offender in jail for three years and not get a cent,” said Scheller. “This is a conviction on his record that won’t be expunged or go away. We’re happy we got the victims their money back, and we’re happy we got the conviction.”

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Lake Forest Financial Advisor Found Guilty of Attempted Financial Exploitation of the Elderly