Fiduciary Abuse: California Financial Elder Abuse

Written by Adam Peck Category: Elder Law January 26th, 2013 2 min read

A well-known Livermore accountant has been arrested on charges of running a financial scheme that bilked six victims of more than $730,000.

Maynard Weldon Moreland, 49, was arraigned Wednesday on seven counts of grand theft and
fiduciary elder abuse.

Moreland promised his victims an 8 percent to 10 percent return on their investments, but instead took the majority of the money and invested it in personal accounts under his name, said Livermore police Lt. Matt Sarsfield.

He was spending about $30,000 a month of his clients’ money, police said.

Moreland would write checks to his victims — not all who were elderly — but they did not receive the returns they were promised, Sarsfield said. Because of the nature of the scheme, police say there is little or no funds left to give back to those who lost money.

Police received the first report of fraud April 7 and more reports came in after that. Officers served three search warrants from April 16 to April 20.

Sarsfield says the scheme could have been going on for years. The investigation is continuing.

“We believe there could be many, many more people,” Sarsfield said.

Moreland, a lifelong Livermore resident, had been active in the community. According to his business Web site, the certified public accountant supported school programs. He has served on a lot of community boards, including the city’s Chamber of Commerce, the Tri-Valley Business Council and Rotary International. He also is on the Alameda County Assessment Appeals Board, appointed by Supervisor Scott Haggerty last year.

Dale Kaye, the Chamber of Commerce’s chief executive officer, said she was shocked by the charges against Moreland, who has served twice on the chamber board, as recently as last year when he was treasurer.

She said Moreland had a “strong presence” in the community.

“He was very, very generous to everybody in need and very civic-minded,” Kaye said. “He was a man who loved his community.”

Moreland is being held at Santa Rita Jail in Dublin in lieu of $290,000 bail.

Contact Steven Peck’s Premier Legal to talk to an experienced elder law attorney concerning issues of nursing home neglect and abuse and financial abuse toll-free at 1-866-999-9085.

Share it

Questions? Check with Peck Today

Blog Lead Form

Elder Abuse and Neglect in Assisted Living Facilities

Elopement in Nursing Homes

Assisted Living Abuse

Settlement Reached in Assisted Living Facility Death

Assisted Living Abuse and Neglect Attorneys

Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.