Financial adviser admits stealing from elderly clients

January 31, 2020 GMT

KANSAS CITY, Mo. (AP) — An Independence, Missouri, financial adviser admitted Friday to stealing more than $1 million from two elderly clients.

Kraig Gier, 59, pleaded guilty in federal court to two counts of wire fraud.

Gier, who operated Security Planning Corporation, admitted that he stole a total of $1,087,964 from a 96-year-old client and an 84-year-old client.

Gier withdrew money from the clients’ accounts between February 2015 to July 2018 and deposited the money into his personal checking account or his business account, prosecutors said.

He also admitted that he prepared false documents to persuade the clients that they were making a significant profit even though he had significantly depleted their accounts.

Under federal statutes, Gier is subject to a sentence of up to 20 years in federal prison without parole on each of the two counts.