David Dempsey to serve time for breach of trust and financial theft that devastated 86-year-old victim’s life savings
By Tony Di Domizio
A former financial advisor will spend up to six years in prison after being convicted of stealing more than a quarter-million dollars from an elderly Lower Salford woman who had trusted him with her life savings.
David Walter Dempsey, 36, was sentenced Tuesday in Montgomery County Court after being found guilty of multiple felony charges related to a scheme that drained $281,000 from the 86-year-old victim between October 2022 and July 2023, according to The Mercury.
The court heard that Dempsey, once a trusted advisor, exploited his professional position to funnel the woman’s retirement funds into his own hands.
Prosecutors argued that Dempsey violated the core fiduciary duty of trust, leaving the victim emotionally devastated and financially vulnerable, per the report. Despite being convicted by a jury in February, Dempsey has made no effort to repay the stolen funds.
Montgomery County Judge Thomas DelRicci handed down a three-to-six-year prison sentence, followed by three years of probation, emphasizing the deep emotional and financial damage caused by Dempsey’s actions, according to the article.
DelRicci noted that the theft was not just about the money — it robbed the victim of peace of mind in her final years, a harm that cannot be measured solely in dollars.
In addition to prison time, Dempsey was ordered to pay full restitution to the victim, according to court documents.
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Ex-financial advisor gets state prison time for stealing $281K from elderly Lower Salford woman
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