Bernie Madoff: How he pulled it off
So, like, this retired IRS agent from Southern California ended up in state prison after getting caught up in a financial fraud scheme that ripped off an elderly lady in the San Francisco Bay Area. Elana Cohen-Roth, who’s 81 and from Marina Del Rey in LA, got hit with a 12-year sentence for swindling a Sonoma County woman out of a cool $1 million in savings. The DA’s office, led by Carla Rodriguez, said Cohen-Roth got convicted on 23 felony counts related to the scam that left the victim high and dry.
Apparently, Cohen-Roth started conning the poor lady back in 2013 when she started doing her taxes. They became BFFs real quick, and before you know it, Cohen-Roth had all the victim’s financial deets in her back pocket. She then dangled these “investment opportunities” in front of the victim, promising fat returns with no risk. This went on for six years, with Cohen-Roth getting her hands on amounts ranging from $25,000 to $150,000.
Once the victim’s legit investments were wiped out, she even took out a reverse mortgage to keep funneling money to Cohen-Roth. And get this, bank records showed that Cohen-Roth was running a good ol’ Ponzi scheme, roping in other unsuspecting folks who thought they were investing smart. The money went to pay off the early investors and fund Cohen-Roth’s lavish lifestyle and gifts to her fam.
But all good things must come to an end, right? In 2020, the victim wanted her cash back to move closer to her family, but Cohen-Roth didn’t have it. The poor 73-year-old lady went from having a home and a fat $1 million in investments to being flat broke. Meanwhile, Cohen-Roth was living it up on the victim’s dime, leaving her struggling to make ends meet.
The judge threw the book at Cohen-Roth, giving her a 12-year stint behind bars instead of the max of 28 years. I guess age played a factor in the sentencing, but at least there’s some justice for the victim in all this mess.
So, like, moral of the story? Be careful who you trust with your money, folks. You never know when someone’s gonna pull a fast one on you and leave you high and dry. Trust no one, and always keep an eye on your investments. It’s a tough world out there, and you gotta watch your back at all times.