A 44-year-old Alabama man has been sentenced to six months in jail for stealing from his elderly mother after obtaining power of attorney.
Additionally, Chad Svenby, who was convicted of for securities fraud in state court, is barred from participating in the securities industry in Alabama. A restitution hearing will be held at a later date.
Svenby obtained power of attorney over his mother’s estate despite being barred by a protective order from having contact with her because of harassing behavior, according to a news release from the Alabama Securities Commission.
Svenby obtained the POA through the guise of caring for his mother, gaining access to all of her accounts. Between March 2017 and February 2018, he withdrew about $400,000 of his mother’s savings.
Svenby claimed that the withdrawals were for his mother but spent most of it at a casino and on himself. The scheme was discovered when he tried to change his mother’s will, according to the release. Legal authorities notified law enforcement of the suspicious conduct.
Judge Amanda Baxley sentenced Svenby to 6 months incarceration followed by supervised probation for securities fraud, a Class B felony.
“Elderly family members need the support of trustworthy family members during their golden years,” said ,” said Alabama Securities Commission Director Amanda Senn in the release. “Sadly, financial crimes against the elderly are sometimes committed by family members who are exploitative. We all need to be vigilant. Today’s sentence should serve as a strong message that if criminals commit financial crimes against Alabamians, the ASC will go above and beyond to seek justice for our victims.”
