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“In towns and cities... there is no more important institution than the local paper.”
Warren Buffett
By Randy Economy
A Downey financial advisor was arrested on Monday after criminal charges were filed against him after prosecutors claim he stole more than $300,000 from elderly clients.
Jose Carbajal of Downey was charged with three counts of theft from an elder or dependent adult with an allegation that the theft exceeded $200,000. Carbajal was arraigned in Department 4 of the Los Angeles County Superior Court in Bellflower.
Authorities initiated an investigation after an elderly victim reported that she had received a steep tax bill from the Internal Revenue Service for a large monetary transfer that she had not authorized.
The defendant managed the investment account, prosecutors said.
The investigation led to other alleged victims. The crimes are alleged to have occurred between May 2009 and March 2013.
Carbajal was arrested on April 19 at a financial planning seminar where he was making a presentation before potential investors, prosecutors said.
Prosecutors have recommended that the defendant’s bail be set at $325,000.
The case remains under investigation by the Los Angeles County Sheriff’s Department’s Fraud and Cyber Crimes Bureau. The suspect works for Merril Lynch Financial.
–Source: Los Angeles County District Attorney
