Financial advisor convicted of exploitation of elderly adult

By David Beasley

(The Center Square) – Sentencing of 10 years is mandatory for a licensed financial advisor in Florida convicted by a jury of defrauding someone age 65 or older out of $152,600.

In Pinellas County, Matthew Vincent Muratori was found guilty of exploitation of an elderly adult; criminal use of personal identification information; grand theft from a person 65 years of age or older; and organized scheme to defraud, the state attorney general’s office said.

Muratori transferred the money out of his client’s account through a series of cash app and Venmo transactions, according to Attorney General James Uthmeier.

“He further used the victim’s personal identification information to impersonate the victim in phone calls to a financial institution and gain unauthorized access to financial accounts,” a release says.

“This wasn’t just theft – it was betrayal,” Uthmeier said. “This con artist abused his position of trust to drain a vulnerable Floridian’s life savings, and it’s unacceptable. This guilty verdict is a victory for our statewide prosecutors, the Office of Financial Regulation, and the people of Florida.”

Sentencing is set for Sept. 25.

Florida Office of Financial Regulation investigated the case, with help from the New York office of the federal Financial Industry Regulatory Authority.

Elderly people are often targeted for financial crimes because of the perception that they have plenty of money in the bank, according to the National Council on Aging.

“But it’s not just wealthy older Americans who are targeted,” the agency said, “Older adults with low income are also at risk for fraud.”

Many victims are embarrassed to report the crimes and tough to prosecute.

“However, these scams can be especially devastating for older adults whose ability to recover their losses is limited,” the council said. 

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Financial advisor convicted of exploitation of elderly adult