A San Diego trust administrator pleaded guilty to embezzling over $1 million from an elderly couple’s trust accounts, according to federal authorities.
Brian Lee, 44, admitted to creating a scheme to obtain unauthorized funds from accounts he had opened on behalf of the couple, who hired him in 2004 to create trusts and corporations.
Between 2004 and 2012, Lee made unauthorized transfers of the couple’s funds through interstate transactions, withdrawing funds for his personal use from various accounts, including one opened as a trust for their grandchildren.
Lee’s actions, which were revealed during a plea hearing before Magistrate Judge Jan M. Adler, resulted in him siphoning over $1 million from the couple.
United States Attorney Laura E. Duffy stated, ‘In order to have confidence in the financial service professionals, all consumers – and especially our senior citizens – must be able to trust that their hard-earned money is safe from those they hire to help administer their estates.’
Lee is scheduled to appear before U.S. District Court Judge Barry Ted Moskowitz on May 16, 2014, for sentencing, where he faces a maximum penalty of 20 years of custody and a $250,000 fine.
The case was investigated by the Federal Bureau of Investigation, with Duffy adding, ‘With the continued diligence of our partners in the FBI, we will continue to investigate allegations of embezzlement in order to deter such unscrupulous practices.’
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Key Facts
- State: California
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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