Story by Monique Danao
Catalina Corona, a personal assistant to an elderly couple in New York admitted to stealing $10 million from her employers, according to CNBC (1). This case of fraud and elder abuse against Richard Schmeelk —a retired Salomon Brothers investment banker — and his wife, Priscilla, went undetected for seven years.
Personal assistant steals $10 million
Prosecutors say that Corona used fraudulent checks, unauthorized transfers and impersonation tactics to siphon money from the Schmeelks' accounts between 2017 and 2024.
Even after Richard Schmeelk died in 2022 at age 97, the fraud continued.
The stolen funds were used to finance a luxury lifestyle, including purchases from Gucci, Cartier and Louis Vuitton, as well as hundreds of thousands of dollars in credit card payments.
The scheme only came to light when a bank flagged a suspicious $1,500 check in 2024, which raises questions about how long the fraud might have continued if not for that intervention.
Corona now faces a potential sentence of up to 30 years in prison.
A growing, yet hidden problem
Cases like this are not isolated. According to the FBI, elder fraud led to nearly $5 billion (2) in reported losses in 2024, with more than 147,000 complaints filed.
The actual number is likely much higher, since many victims never report abuse — whether because they're unaware it's happening, feel embarrassed or depend on the person exploiting them.
These cases are especially troubling because of the role of trust. Financial abuse often isn't carried out by strangers, but by people already inside the victim's circle, such as caregivers, assistants, relatives or advisors.
Once that trust is established, it can be difficult to detect when something goes wrong.
How financial abuse happens
In this case, prosecutors allege Corona wrote hundreds of checks to herself, transferred funds into her own accounts and continued the fraud even after Richard Schmeelk died.
Elderly financial abuse can be difficult to detect, especially when it unfolds gradually. Warning signs include unusual financial activity, such as sudden withdrawals, large transfers or unexplained purchases that don't match typical spending habits.
Other red flags include changes in banking behaviour — such as new authorized signers or unexpected shifts in account access — as well as missing documents, unpaid bills or confusion about finances.
Caregivers who display unexplained wealth can also signal potential abuse. You can also watch out for individuals who have become withdrawn or defensive when discussing money.
How to protect yourself and loved ones
While no system is foolproof, there are steps elderly individuals and families can take to reduce the risk of financial abuse:
1. Review finances: A good tip is to review your bank and credit card statements on a regular basis. Make sure to set up alerts for unusual activity or large transactions.
2. Separate financial responsibilities: Avoid giving one person complete control over finances. Use checks and balances, such as requiring dual authorization for large transactions.
3. Use professional oversight: Involve a trusted financial advisor, accountant or lawyer who can provide independent oversight.
4. Limit access where possible: Grant only the level of access necessary. For example, a caregiver may need to pay bills — but not transfer funds or write checks.
5. Stay connected: Isolation increases vulnerability. Elderly individuals should have regular check-ins with family or friends who can review and monitor their financial accounts.
6. Act quickly: If you notice suspicious activity, contact the bank immediately, document the issue and report it to local authorities or relevant fraud agencies.
This particular case shows that even individuals with decades of financial experience can become victims when safeguards aren't in place.
Financial abuse often thrives in silence and builds gradually until the damage is significant.
The takeaway is to remain vigilant.
In many cases, the difference between catching fraud early and discovering it years later comes down to one thing: paying attention to the small signs before they become big losses.
Full Article & Source:
A personal assistant stole $10M from her wealthy employers, spending it on Gucci, Cartier and credit card debt. How to spot elder financial abuse
