Swampscott Man Arrested on Charges of Bank Fraud

SWAMPSCOTT, MA — A Swampscott man has been charged with bank fraud that state officials say involved a scheme to steal an elderly woman’s retirement assets. The man previously held power of attorney and was a financial advisor for the woman until she revoked his responsibilities and ended his role as an advisor in July 2019, according to the U.S. Attorney’s Office.

The state reports that nine months after that, the man “accessed and liquidated” the woman’s bank account before transferring $250,000 of her retirement assets to his own bank account. He allegedly forged the woman’s signature on a “gift letter,” which the state says was his attempt to legitimize the transfer.

The state says the man used the money to pay off more than $100,000 in student loans. He was charged on Friday, Jan. 22.