The man behind a Ponzi scheme that reportedly cheated senior citizens out of close to $1.9 million plead guilty this month. Lavern Huelsmann, 44, a licensed insurance agent, had convinced elderly people to invest in a “cash management account” under the company he ran, Senior Retirement Services. He then turned around and used those investments to build and decorate his Trenton home, gamble and make extravagant jewelry purchases.
Huelsmann will face sentencing on July 10 and is currently facing up to 30 years in prison, a fine of up to $500,000, and three years of supervised release and mandatory restitution according to the St. Louis Post-Dispatch.
According to the National Committee for the Prevention of Elder Abuse (NCPEA) elderly abuse can come in multiple forms. From physical abuse to psychological abuse, it is estimated that 4-6% of the elderly are abused nation wide. If you suspect that a loved one has been taken advantage of or abused, please call us for a free consultation at 1-800-WWFGLAW. Someone needs to stand up for your loved one and, at WWF&G, we have valuable experience in nursing home neglect cases.