Verona Financial Advisor Indicted in Alleged Theft of $75K+ from 90-Year-Old Victim

TRENTON, NJ — A Verona man has been indicted on charges related to the financial exploitation of a 90-year-old woman, after the suspect allegedly abused his authority over her finances to steal money from the victim.

Attorney General Matthew J. Platkin and Interim Insurance Fraud Prosecutor Al Garcia announced Wednesday that John Boston, 47, of Verona has been indicted by a state grand jury on one count of theft (2nd degree) and one count of theft by failure to make required disposition (2nd degree), following an investigation by the Office of the Insurance Fraud Prosecutor's (OIFP) Medicaid Fraud Control Unit (MFCU). The investigation began after a referral from the Office of the Long-Term Care Ombudsman.

At his arraignment last month in state Superior Court in Essex County, Boston pleaded not guilty.

According to the investigation, Boston, a registered financial advisor at the time, signed a contract with the victim, agreeing to assist in managing her affairs and assets. However, the defendant never obtained authorization from his employer to take on the victim as a client, failed to notify his employer and failed to register the victim as a client, as required by the federal Financial Industry Regulatory Authority.

Boston then signed a durable financial power of attorney with the victim in 2017, and it is alleged that through a series of transactions, including ATM withdrawals and bank transfers, Boston diverted more than $75,000 from the victim. Boston is alleged to have used his own debit card to withdraw the money and spent it on his own bills and purchases for himself and his family. Boston also allegedly defaulted on the victim's bills and neglected her care and wellbeing.

"Victimizing our senior citizens under the guise of providing professional services occurs too often, and the effects on the victims and their families can be devastating," said Attorney General Platkin. "No one should have to fear losing their life's savings or their home because someone purporting to be a professional violated their duty and trust. We will continue to hold accountable those who commit elder abuse." **BULLSEYE

"We have resources in place whose sole mission is to eradicate this type of exploitation," said Interim Insurance Fraud Prosecutor Garcia. "We are steadfast in investigating and prosecuting these cases. If you target our elderly, you will get caught, and you will face justice."

Second-degree charges carry a sentence of five to 10 years in New Jersey State Prison and a fine of up to $150,000.