Former Advisor Sentenced for Stealing Elderly Client's Life Savings
From the desk of Jim Eccleston at Eccleston Law
Eddy Ray Blizzard, a former financial advisor, has been sentenced to 3.5 years in federal prison for stealing nearly $1 million from an elderly client. Blizzard's fraudulent activities spanned several years and caused severe financial and emotional distress to his victim, identified as "R.M."
As reported by ThinkAdvisor, Blizzard began exploiting R.M. shortly after the client retired in 2003. Blizzard's deception included asking R.M. for signed blank checks, which he used for personal expenses rather than for R.M.'s benefit. Despite R.M.’s repeated attempts to withdraw funds and resolve the discrepancies, Blizzard continually assured him that the funds would be available soon.
In addition to manipulating R.M.'s funds, Blizzard falsely claimed he had left his bank employment to become an independent advisor, convincing R.M. to continue meeting him for financial consultations, which took place in Blizzard’s car rather than in an office. Throughout this period, R.M. believed his retirement funds were secure and that Blizzard was handling his mortgage payments.
According to ThinkAdvisor, the situation escalated in August 2019 when R.M. discovered he could not withdraw funds for a vacation. After receiving no response from Blizzard for a week, R.M. went to Blizzard's home. Blizzard responded with a voicemail, falsely claiming he had lost all of R.M.’s money, attempted suicide, and was hospitalized. Blizzard later admitted that he had fabricated the story and had never been hospitalized.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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