Stockbroker fleeced elderly woman’s accounts and ran up credit card

Both federal and state laws have been enacted to protect seniors from elder financial abuse. (Dreamstime)

By Rafael Olmeda

James Marino’s plan to cheat his client out of her fortune began to unravel in 2014, when an accountant noticed an American Express card he had opened in his name but under her account.

Marino, 33, pleaded guilty Monday to one count of grand theft of a victim over age 65, becoming only the latest to admit to exploiting Florida’s vulnerable older residents.

Florida has by far the greatest proportion of residents over 65, many with significant wealth — creating what the Florida Bar calls “a sea of opportunities for exploitation of the elderly."

A survey by Florida’s Department of Elder Affairs in 2016 found that 6 of 10 seniors were at least somewhat concerned about becoming the victim of consumer fraud or a swindle. Nearly one-fifth reported that they had already been exploited, often by family members, health providers and financial advisers like Marino.

In pleading guilty, the former stockbroker agreed to five years of probation. He also repaid $27,500 he stole from the woman, according to the Broward State Attorney’s Office.

Calls to his attorney were not returned Monday.

Court papers do not identify the victim, who was in her 80s and showing signs of dementia in 2013 when she agreed to turn over a $3.9 million Merrill Lynch account to his stewardship at Edward Jones, according to court records.

Investigators said he gained the victim’s trust in March 2014 by “helping her with daily tasks and errands.”

Marino cashed eight checks amounting to $20,500 from her account from March until September 2014, according to his arrest record. Around the same time, he had one of the victim’s American Express cards issued in his own name, using it to at grocery stores, hardware stores, restaurants and gas stations. He racked up $6,715 on the card.

When confronted in 2015, Marino told investigators he had noticed a decline in the victim’s mental capacity but insisted she wanted to help him rebuild his own credit.

Assistant Broward State Attorney Al Guttman said there was no indication that Marino exploited other people, but crimes like his are not unusual in South Florida.

In June 2018, a husband and wife were accused of siphoning the bank accounts of an 87-year-old Pembroke Pines woman and selling her condo. They also faced a civil lawsuit from the Florida Attorney General’s Office alleging they swindled at least 50 other seniors.

Two months earlier, former caretakers for a late Fort Lauderdale woman were accused of stealing $1.4 million in cash and jewelry from her and her estate,

According to the Aging and Disability Resource Center of Broward County, several signs could indicate that an elderly person is being abused: new close friends, unusual activity in bank accounts, bank statements no longer coming to the person’s home, unpaid bills and questionable withdrawals.

Cases of elder abuse can be reported at 800-96ABUSE, which is 800-962-2873.

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Stockbroker fleeced elderly woman’s accounts and ran up credit card