According to Atlanta Journal Constitution (AJC), a 59 year old lawyer, M. Dewey Bain, pleaded guilty to defrauding elderly clients out of millions of dollars.
The U.S. Attorney's Office said Bain entered into trust agreements with mostly elderly clients as he promised to act as their financial advisor and invest their retirement savings and inheritances in safe accounts, but diverted more than $4.5 million for personal and business interests. Throughout, Bain continued to assure his victims that their trust money was earning good interest, while in fact, "the accounts had no value,".
in one of the extraordinary cases, he defrauded a 97-year-old woman out of nearly $1 million, leaving her unable to pay for her assisted living facility.
Bain was disbarred in Georgia last year and his company, DnC Multimedia Corp., formerly known as PlanetLink Communications, filed for bankruptcy. He faces a possible 20 years in prison and a $250,000 fine when he is sentenced July 7 in U.S. District Court.
I am quite frankly appalled at this case because not only is it illegal, but it is also morally wrong. How does one strip a 97 year old woman of all her life's savings and continue to live with himself? I certainly hope that he gets the 20yrs imprisonment sentence for his despicable acts....
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