Shreveport financial advisor part of largest elder fraud sweep

[TexasTowelie]

Last edited Fri Mar 8, 2019, 06:40 AM - Edit history (1)

The most recent coordinated sweep of elder fraud cases was the largest ever, surpassing last year’s nationwide sweep, and involved more than 260 defendants from around the globe who victimized more than 2 million Americans, most of them elderly, according to a news release from Attorney General William P. Barr and U.S. Attorney David C. Joseph.

In the Western District of Louisiana, the sweep included the indictment of Gregory Alan Smith, 56, of Shreveport, and Kirbyjon H. Caldwell, 65, of Houston, Texas, both charged with defrauding investors out of more than $1 million.

According to the indictment returned by a federal grand jury on March 29, 2018, Smith used his influence and status as the operator and manager of Smith Financial Group LLC in Shreveport, and Caldwell used his influence and status as pastor at a Houston church to lure investors into sinking their money into what they thought were high-return investments. Instead of investing the funds, the defendants used them to pay personal loans, credit card balances, mortgages, vehicle purchases and other personal expenses. Some of the victims were seniors.

The Department took action in every federal district across the country, through the filing of criminal or civil cases or through consumer education efforts. In each case, offenders allegedly engaged in financial schemes that targeted or largely affected seniors. In total, the charged elder fraud schemes caused alleged losses of millions of more dollars than last year, putting the total alleged losses at this year’s sweep at over three fourths of one billion dollars.

Read more: https://www.shreveporttimes.com/story/news/crime/2019/03/07/shreveport-financial-advisor-part-largest-elder-fraud-sweep/3095977002/

Cross-posted in the Louisiana Group.

Earlier threads:

Louisiana financial planner, Houston pastor indicted
https://www.democraticunderground.com/107838656

Houston megachurch pastor and spiritual adviser to George W. Bush - indicted on fraud charges
https://www.democraticunderground.com/107838657

[nitpicker]

1. Link to DoJ PRs on elder fraud case sweep

https://www.justice.gov/usao/pressreleases

A bunch of them dated March 7.

[TexasTowelie]

2. Bookmarking.

I appreciate the DoJ releases, but I also like to include the reports from local media since they often include interviews that provide additional insight about those affected by the crimes.