Prison for 90-year-old NJ woman’s financial advisor who stole $300K
⚖️ A former financial adviser was sentenced to seven years for stealing more than $300,000.
👵 Prosecutors said his 90-year-old client had hired him to manage her inheritance.
💳 He used ATM withdrawals, bank transfers and her Social Security benefits, prosecutors said.
A Verona man has been sentenced to seven years in prison after a jury convicted him of stealing more than $300,000 from a 90-year-old woman who had hired him to manage her money.
John Boston, 50, was found guilty of theft and theft by failure to make required disposition, according to Attorney General Jennifer Davenport. His trial in Superior Court in Essex County this past May lasted six days.
Prosecutors say adviser took woman's entire savings
State prosecutors said that Boston was a registered financial advisor in 2017 when the woman hired him to manage her assets. She had just received an inheritance after her brother's death. The woman also granted Boston power of attorney.
However, investigators found Boston's employer didn't authorize him to provide financial services for the woman; he never registered the 90-year-old woman as a client, as federal law requires.
Over the next two years, Boston stole more than $300,000 from the woman. It was all the money in her accounts. He used a debit card to make withdrawals at ATMs, made bank transfers, and even diverted her Social Security benefits for his use, prosecutors said. The victim was forced to default on her bills while Boston enjoyed buying things for his family.
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Former adviser no longer registered in NJ
“New Jerseyans, especially older New Jerseyans, should be able to trust the professionals they rely on to manage their finances. When that trust is exploited, we will work to ensure those responsible are held accountable," Davenport said.
According to Davenport, Boston resigned in 2019 and has not been registered in the New Jersey securities industry since then.
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