Tr?id=566623520170033&ev=PageView&noscript=1

Former Advisor Sentenced for Stealing Elderly Client's Life Savings

Posted on June 27th, 2024 at 1:32 PM
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.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Fantastic news!!!!  Your professionalism, support and expertise were greatly appreciated.  You made a difficult situation much more bearable.

Marci M.

LATEST NEWS AND ARTICLES

1781893504 Law
June 19, 2026
FINRA Suspends Former Stifel Rep for Undisclosed Customer Settlements

The Financial Industry Regulatory Authority (FINRA) has suspended a former Stifel representative for three months and imposed a $10,000 fine after finding that she settled customer complaints without notifying her firm and conducted securities-related communications through an unapproved personal device.

1781798110 Law
June 18, 2026
Silver Star Properties REIT Files for Chapter 11 Bankruptcy Amid Mounting Defaults and Investor Losses

Silver Star Properties REIT, a publicly registered nontraded real estate investment trust formerly known as Hartman Short Term Income Properties XX Inc., has filed for Chapter 11 bankruptcy protection, according to reports by AltsWire.

1781712614 Law
June 17, 2026
As Wealth Management Consolidation Accelerates, Some Advisors Reevaluate the Meaning of Independence

According to AdvisorHub, the independent wealth management industry has entered a new phase of evolution, prompting some advisors to question whether the firms that once championed independence now increasingly resemble the traditional institutions many advisors left behind.