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Financial Advisor in Maryland Pleads Guilty to Defrauding Elderly Client

Posted on January 18th, 2024 at 1:12 PM
Financial Advisor in Maryland Pleads Guilty to Defrauding Elderly Client

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï 

Financial advisor Jeffrey A. Blizzard has pleaded guilty to bank fraud, facing a potential 30-year federal prison sentence.

Blizzard exploited an elderly retired client, referred to as "R.M.," who lacked literacy skills despite having over $1 million in retirement savings. Blizzard, who initially worked for M&T Securities and later claimed to go independent, maintained monthly meetings from his car with R.M., during which he drained the client's accounts.

As reported by Financial Advisor News, R.M. believed his retirement funds were safely invested, and his mortgage was being paid. Blizzard's fraudulent activities came to light in August 2019 when R.M. discovered the deception while attempting to withdraw funds for a family vacation. Following a suicide attempt, Blizzard confessed to never investing R.M.'s assets but redirecting them to his own account, totaling $1.2 million in withdrawals and $848,000 in written checks. Despite Blizzard's claims of covering R.M.'s mortgage, the victim's house faced foreclosure in the fall of 2019. R.M. passed away on March 20, 2020.

As part of his plea deal, Blizzard will pay restitution of at least $1,030,000 plus $848,000 in the form of a monetary judgment. Sentencing will begin in April 2024.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

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