DA VANCE ANNOUNCES PRISON SENTENCE FOR INVESTMENT ADVISOR WHO STOLE MORE THAN $1 MILLION FROM ELDERLY CLIENT
Last week, Manhattan District Attorney Cyrus R. Vance, Jr., announced the sentencing of GLENN SCHWARZKOPF, 44, a former investment advisor, to 2 1/3-to-7 years in state prison for stealing more than $1 million from an 83-year-old client. The defendant pleaded guilty on March 4, 2014, in New York State Supreme Court to all of the charges in the indictment: Grand Larceny in the First Degree, Criminal Tax Fraud in the Third Degree, and Offering a False Instrument for Filing in the First Degree.
“Financial abuse of older adults is a persistent and growing crime,” said District Attorney Vance. “My Office handled approximately 800 elder abuse cases last year, most of which involved financial exploitation. We work with financial institutions and community organizations to detect abuse, and stop those who seek to commit crimes against victims who are often unable to defend themselves. If you or a loved one has been the victim of elder abuse, please call my Office’s Elder Abuse hotline at (212) 335-9007.”
As admitted by the defendant in his guilty plea, from January 2007 through January 2011, SCHWARZKOPF used his position as an investment advisor to steal approximately $1,090,000 from an elderly client through various methods, while repeatedly assuring the victim that his brokerage accounts were sound and his investments were growing. SCHWARZKOPF was the victim’s only investment advisor, and the two met regularly to discuss the victim’s accounts, during which time SCHWARZKOPF stole $668,000 from three of the victim’s accounts. He used the illicit proceeds to pay his own American Express bills by using withdrawal slips from the victim’s accounts and ordering official bank checks made payable to American Express and bearing SCHWARZKOPF’S credit card account number. The stolen money was used to pay for food and liquor, travel, pet care, and utility bills, as well as a stay at The Raleigh Hotel in Miami’s South Beach neighborhood.
On other occasions, the defendant withdrew cash at the same time that he requested an official check be drawn from the defendant’s account, or simply withdrew cash from the victim’s accounts, generating at least $257,000 in stolen cash. The defendant also stole an additional $100,000 by depositing two of the victim’s personal checks into his own accounts.
In an effort to conceal his theft, SCHWARZKOPF submitted falsified New York State personal income tax returns in 2009 and 2010.
Assistant District Attorney Om Gillett prosecuted this case, under the supervision of Assistant District Attorney Elizabeth Loewy, Chief of the Elder Abuse Unit, Assistant District Attorney Gilda Mariani, Senior Investigative Counsel to the Rackets Bureau, and Assistant District Attorney Judy Salwen, Deputy Chief of the Special Prosecution Bureau. Assistant District Attorney Patricia O’Connor, Deputy Chief of the Cybercrime and Identity Theft Bureau, contributed to the case, as did Supervising Financial Investigator Angelo Dellicarpini, under the supervision of Irene Serrapica, Deputy Chief of Forensic Accounting and Financial Investigations, and Robert Demarest, Chief of Forensic Accounting and Investigations.
Defendant Information:
GLENN SCHWARZKOPF, D.O.B. 11/10/1969
Brooklyn, NY
Convicted:
- Grand Larceny in the First Degree, a class B felony, 1 count
- Criminal Tax Fraud in the Third Degree, a class D felony, 2 counts
- Offering a False Instrument for Filing in the First Degree, a class E felony, 2 counts
Sentenced:
- 2 1/3-to-7 years in State Prison