Baltimore, Maryland – In a egregious case of financial exploitation, Eddy Ray Blizzard, a 45-year-old Havre de Grace, Maryland financier, was sentenced to 42 months in federal prison for stealing $1 million from an elderly client’s life savings.
The sentence was handed down by U.S. District Judge Stephanie A. Gallagher on April 30, 2024, after Blizzard pleaded guilty to the charges. Blizzard, who was once a registered broker and investment adviser, was employed by two different Maryland banks between 2003 and 2017.
The victim, R.M., a 75-year-old resident of Maryland, had worked tirelessly for over 40 years as an air conditioning technician, often putting in 15-30 hours of overtime per week to make extra money. After retiring in 2003, R.M. sought investment advice from Bank 1, where Blizzard became his financial advisor.
However, Blizzard had a deceitful plan. He began meeting with R.M. in his car, not the office, and asked for signed blank checks, which he would later fill in to siphon off R.M.’s life savings. Over several years, R.M. provided Blizzard with 15-20 signed blank checks, unaware of the financial devastation that was unfolding.
According to the plea agreement, Blizzard’s scheme went on for over a decade, with the financier using his position of trust to swindle R.M. out of $1 million. The FBI, along with other law enforcement agencies, launched an investigation into Blizzard’s activities, ultimately leading to his arrest and conviction.
“Eddy Blizzard deserves every year he will spend behind bars,” said Special Agent in Charge William J. DelBagno of the FBI’s Baltimore Field Office. “His cruel and calculated scheme caused great harm to the victim and his family, and we will not stand idly by as fraudsters and cheats take advantage of our elderly citizens.”
Blizzard will also serve two years of supervised release after his prison term. His case serves as a stark reminder of the importance of protecting vulnerable individuals from financial exploitation and the need for law enforcement to remain vigilant in investigating and prosecuting such crimes.
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Key Facts
- State: Maryland
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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