Los Angeles police arrested a financial advisor for allegedly defrauding her clients of millions of dollars, CBS News reported.
The suspect, Donna Bogdonovich, allegedly defrauded her elderly clients as well as those with special needs, stealing from them a total of approximately $2.5 million, the outlet reported. As a fiduciary in California, Bogdonovich was licensed to help her clients manage their money and property, according to the outlet. (RELATED: Florida Woman Gets 20 Years For Nearly $200,000,000 Medicare Scam)
Financial advisor accused of defrauding elderly clients and adults with special needs https://t.co/WtCt5x0swM
— KCAL News (@kcalnews) January 9, 2024
According to the Consumer Financial Protection Bureau, fiduciaries should act in the best interests of their clients, carefully manage the clients’ money and property, separate clients’ money from their own, and keep good records of the assets.
In 2023, federal and state authorities investigated a prominent psychiatrist in Arkansas for a Medicaid insurance scam, in which he allegedly held patients in psychiatric units against their will. The psychiatrist’s facility reportedly collected over $800,000 in Medicaid payments from January 2019 to June 2022.
While 26 patients filed a lawsuit against him, the psychiatrist maintained his innocence and reportedly described himself as “the target of a vicious, orchestrated attack on his character and service.”