A former New York City financier has been sentenced to seven years in federal prison after he defrauded his own mother of $8.4 million, using the money to pay for luxurious vacations, jewelry and artwork, according to the U.S. Attorney’s Office and WLRN News partner Miami Herald.
Brett Thomas Graham, 61, pleaded guilty to wire fraud charges on Sept. 16, according to federal prosecutors, who say he used his power of attorney over his mother to facilitate fraud and make false claims to her financial advisor. Among the claims: Her “higher medical & care expenses” required vast sums of money.
Law enforcement authorities have since seized $2 million in fraudulently purchased jewelry and art from Graham. Other agencies involved in the investigation included the U.S. Securities and Exchange Commission and the FBI’s Miami office.
“Exploiting an elderly family member to steal millions is unconscionable,” said Miami U.S. Attorney Jason A. Reding Quiñones, in a statement. “We will hold fraudsters accountable and protect seniors from abuse.”
Federal court records described the victim as Graham’s “elderly family member.” The Miami Herald reported it was Graham’s mother.
Federal investigators urge anyone who suspects financial fraud against victims aged 60 or older can call the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311). It is run by the U.S. Justice Department.
