Southern District of Florida | Former Financier Sentenced to Seven Years in Federal Prison for Defrauding Elderly Family Member of $8.4 Million
Miami – A former financier previously disciplined by the U.S. Securities & Exchange Commission has been sentenced to 84 months in federal prison for defrauding his elderly family member out of approximately $8.4 million.
Brett Thomas Graham, 61, was sentenced on September 16 by U.S. District Judge Donald M. Middlebrooks after pleading guilty to wire fraud.
According to court documents, Graham began assisting his widowed family member in 2017. Graham helped her retain a financial advisor in November 2018. The following year, the family member sold a New York townhouse for approximately $9 million. Within months, Graham began diverting money from her accounts into his own, using the stolen money to finance overseas vacations, luxury jewelry purchases, artwork, and other personal expenses.
In 2020, Graham obtained power of attorney over his family member’s finances, which obligated him to act in her best interest. Instead, Graham exploited that authority to continue his fraud. That December, Graham falsely claimed to the financial advisor that $250,000 was needed to cover the family member’s “higher medical & care expenses.” Graham spent the funds on himself. In November 2022, Graham requested an additional $400,000, citing “[a]mazing [investment] opps…” More than $300,000 of that money was spent on his credit card, art, travel, and rent.
Law enforcement was able to seize jewelry and art purchased with fraud proceeds for approximately $2 million.
“Exploiting an elderly family member to steal millions is unconscionable,” said U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida. “We will hold fraudsters accountable and protect seniors from abuse.”
U.S. Attorney Reding Quiñones and Special Agent in Charge Brett D. Skiles of the FBI, Miami Field Office made the announcement.
FBI Miami investigated the case. The U.S. Attorney’s Office appreciates the assistance of the U.S. Securities & Exchange Commission.
Assistant U.S. Attorney Eli S. Rubin prosecuted the case. Assistant U.S. Attorney Sandra Demirci handled asset forfeiture.
If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.
More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/ or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.
You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at www.justice.gov/usao-sdfl.
Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 25-cr-20103.
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