Jeffrey Knutsen, owner of Bellwether Wealth Management in Bellingham, WA, was convicted of stealing over $255,000 from 26 client accounts, many of whom were elderly.

Records in the case showed that Knutsen did not make his clients aware of FINRA’s bar against him working as a broker, which came about following a customer complaint of Knutsen embezzling their account. He continued to handle their accounts by telling them he was moving to a different online brokerage to reduce fees, the said in a statement.

Online accounts were set up in clients’ names on TD Ameritrade and E*Trade, with Knutsen retaining full control and access over the accounts.

In doing so he held the check-writing privileges, and over seven and a half years he issued over 200 checks for $251,892 from the online broker/dealers without his clients’ consent.

Knutsen used the money for personal gain, with the checks deposited into his personal account.

“This is a crime of greed—pure unadulterated greed—plain and simple,” said acting US attorney, Annette Hayes. “This fraud damaged the elderly victims emotionally as well as financially.”