Mark Preston French, Wire Fraud, Ohio 2012

A Westerville man has admitted to swindling an elderly woman out of more than $1 million in a brazen investment scam.

Mark Preston French, 42, pleaded guilty in U.S. District Court to one count of wire fraud in connection to the scheme, which spanned over a decade.

The victim, an elderly woman from Greenville, Pennsylvania, believed French was an investment advisor and entrusted him with her finances. French, a former stockbroker, advised her to invest in precious metals and even convinced her to open joint checking and savings accounts with him.

Between 2008 and 2012, French deposited over $1.3 million into these joint accounts, using the funds to purchase and sell gold and silver with a California-based company. However, he embezzled $120,414.80 of the proceeds for his own gain.

In a stunning twist, French sold most of the precious metals back to the company, returning $1,062,820 to his client, but keeping part of the proceeds for himself. He also kept 11,942 ounces of silver, valued at over $400,000.

French now faces up to 20 years in prison and a fine of $250,000. He must also pay restitution to the elderly victim as part of his plea agreement. U.S. Attorney Carter M. Stewart commended the investigation by the FBI and Assistant U.S. Attorney Dale Williams, who is representing the United States in this case.

The case serves as a stark reminder of the dangers of elderly financial exploitation. French’s crimes have left his victim, and countless others, vulnerable to financial ruin.

The sentencing hearing for French is yet to be scheduled.