Thursday, October 20, 2022

Deatsville couple indicted for financial exploitation

by Cliff Williams


The 19th Judicial Circuit District Attorney’s office and the Alabama Securities Commission (ASC) announced the indictment and arrest of Chad Lee Svenby, 41, and Amanda Rose Hoff Svenby, 39, of Deatsville.

The couple was arrested earlier this month after an Autauga County Grand Jury returned two separate indictments.

“Amanda and Chad Svenby were charged with conspiracy to commit financial exploitation of an elderly person, financial exploitation of an elderly person, and conspiracy to commit securities fraud,” ASC Director Joseph Borg said in a release. “Chad Svenby was also charged with securities fraud.”

According to the indictment, Amanda and Chad Svenby conspired with one another to commit financial exploitation and in doing so, breached their fiduciary duty to the victim by abusing a power of attorney (POA). Through the POA, the couple withdrew large sums of money from investment accounts while representing the withdrawals were for the victim’s benefit. Funds were spent at a casino and for the benefit of the couple.

The conspiracy charges are Class C felonies with a range of punishment from one year and one day to ten years’ incarceration and a $15,000 fine per charge. Financial exploitation and securities fraud are Class B felonies with a range of punishment from two to 20 years’ incarceration and a $30,000 fine per charge.

The ASC cautions investors to thoroughly research any investment opportunity. Call the ASC at 1-800-222-1253 and ask for the registration department to check out persons offering investment opportunities, investment advice for a fee and any products they offer. Contact the ASC to report suspected fraud, inappropriate securities business practices, or to obtain consumer information. Free investor education and fraud prevention materials are available at www.asc.alabama.gov.

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Deatsville couple indicted for financial exploitation

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