Tr?id=566623520170033&ev=PageView&noscript=1

Former Advisor Sentenced for Stealing Elderly Client's Life Savings

Posted on June 27th, 2024 at 1:32 PM
Former Advisor Sentenced for Stealing Elderly Client's Life Savings

From the desk of Jim Eccleston at Eccleston Law

Eddy Ray Blizzard, a former financial advisor, has been sentenced to 3.5 years in federal prison for stealing nearly $1 million from an elderly client. Blizzard's fraudulent activities spanned several years and caused severe financial and emotional distress to his victim, identified as "R.M."

As reported by ThinkAdvisor, Blizzard began exploiting R.M. shortly after the client retired in 2003. Blizzard's deception included asking R.M. for signed blank checks, which he used for personal expenses rather than for R.M.'s benefit. Despite R.M.’s repeated attempts to withdraw funds and resolve the discrepancies, Blizzard continually assured him that the funds would be available soon.

In addition to manipulating R.M.'s funds, Blizzard falsely claimed he had left his bank employment to become an independent advisor, convincing R.M. to continue meeting him for financial consultations, which took place in Blizzard’s car rather than in an office. Throughout this period, R.M. believed his retirement funds were secure and that Blizzard was handling his mortgage payments.

According to ThinkAdvisor, the situation escalated in August 2019 when R.M. discovered he could not withdraw funds for a vacation. After receiving no response from Blizzard for a week, R.M. went to Blizzard's home. Blizzard responded with a voicemail, falsely claiming he had lost all of R.M.’s money, attempted suicide, and was hospitalized. Blizzard later admitted that he had fabricated the story and had never been hospitalized.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

You guys are good!

Mike L.

LATEST NEWS AND ARTICLES

1777663103 Law
May 1, 2026
Former Texas Advisor Pleads Guilty in Multi-Million Dollar Ponzi Scheme

A former financial advisor and media personality in San Antonio has admitted to defrauding clients in a large-scale Ponzi scheme involving hundreds of investors and millions of dollars, according to reporting by Financial Advisor News.

1777565671 Law
April 30, 2026
SEC Charges Adviser's Estate and Firm in Alleged $1.68 Million Client Fund Misappropriation Scheme

The Securities and Exchange Commission has filed a civil enforcement action against the estate of former investment adviser John R.

1777479103 Law
April 29, 2026
Hightower Advisors Faces Class Action Over Alleged Data Breach

Hightower Holding LLC is facing a class action lawsuit alleging that the firm failed to protect sensitive personal information following a data breach affecting thousands of individuals, according to reporting by Financial Advisor News.