How a Financial Advisor Exploited an Elderly Widow’s Trust

A former financial advisor was sentenced to three years in prison for stealing more than $900,000 from an elderly client.

57-year-old John Winslow of Fox Island was indicted on four counts of wire fraud, two counts of mail fraud, four counts of money laundering, and four counts of making and subscribing a false tax return.

Charges Filed Against John Winslow

According to the U.S. Department of Justice, Winslow was a financial advisor at a national firm until he was fired for stealing the life savings and inheritance from a widow in her 70s.

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Advisor Gained Client’s Trust to Fund Glamorous Lifestyle

Winslow is accused of using and abusing the client’s trust. First Assistant U.S. Attorney Charles Neil Floyd said:

“He used the victim’s funds to live with luxuries – buying an island home, installing a hot tub, and purchasing a new car. All the while, the victim scrimped and lived on a limited budget. This prison sentence holds him accountable.”

How the Fraud Was Allegedly Hidden

In a series of transactions, Winslow moved funds from his client’s brokerage accounts to her outside bank account. Prosecutors said the transfers were designed to hide the fraud by moving the widow’s funds outside the firm’s surveillance system. Then, Winslow transferred funds from her outside bank account to his bank account.

Lawsuit Against Financial Services Firm Settled

The victim later sued the financial services firm, which settled the lawsuit for $920,483.