Sarasota, Florida -- Deputies say a certified public accountant is blaming a gambling addiction after getting caught stealing hundreds of thousands of dollars from an 92-year-old client.
A Sabal Palm Bank representative saw the red flag: ATM transactions were happening at a casino. The problem was the victim wasn't in any condition to leave the place where she lives, and it took years but the bank finally shut down the account.
Sarasota deputies say Brian Stand is accused of exploitation of the elderly.
He is accused of stealing nearly $200,000 from two bank accounts, both belonging to a woman in a nursing home. Strand is a self-employed certified public accountant and paperwork showed he was the successor of the victim's trust.
Deputies say Strand later admitted to stealing the money, and acknowledged a gambling issue. He didn't steal it all at once -- several thousand here, hundred thousand here and so on. It was allegedly done through counter withdrawals, checks and bank transactions.
Pinellas County Senior Consumer Protection Investigator Jason Ohman says this kind of crime is common. "If someone gets money which doesn't belong to them that's theft," he says. Ohman warns that consumers need to protect themselves.
"Do your homework. It's a concern with people living alone, elderly no friends or family around, make sure they know you are available if they have questions or concerns."
Strand, who is self employed, surrendered and was booked into the Sarasota County Jail. He is being held on $20,000 bond.
The attorney general's office offered this advice:
• Enlist the help of a trusted family member or caregiver.
• Ask for references and check with the Better Business Bureau and the Florida Office of Financial Regulation for complaints against the broker or their firm.
• Ask any adviser whether they and their firm are registered with FINRA, the SEC and the state Office of Financial Regulation.
• If seeking the assistance of an attorney, check with the Florida Bar to ensure the attorney is in good standing.
• When choosing particular investments, ask whether the investment is registered with the SEC.
• Always keep your checkbook, ATM, and debit cards in a safe place.
• Check your account statements regularly to ensure there are no fraudulent charges or withdrawals.
• Enlist the help of a trusted family member or caregiver.
• Consider seeking out consultations from multiple brokers or attorneys. Many offer free consultations that will allow clients to determine whether
• Use Financial Industry Regulatory Authority's online BrokerCheck, available by clicking this link, or call the FINRA Hotline at (800) 289-9999 to see if a broker is registered and whether they have a disciplinary record with the organization.
