Prosecutors said the Verona man drained the elderly woman’s accounts in less than two years and later diverted her Social Security benefits
TRENTON, NJ – A former Essex County financial advisor who gained financial power of attorney over a 90-year-old client and then stole more than $300,000 from her has been sentenced to seven years in New Jersey state prison.
John Boston, 50, of Verona received the prison sentence after a jury convicted him in May of second-degree theft and second-degree theft by failure to make required disposition.
The convictions followed a six-day trial before Superior Court Judge Patrick J. Arre in Essex County.
According to the New Jersey Attorney General’s Office, Boston worked as a registered financial advisor and contracted with the woman to manage her assets after she received an inheritance from her late brother.
Boston did not obtain authorization from his employer to provide financial advisory services to the woman and failed to register her as a client as required by the Financial Industry Regulatory Authority, according to evidence presented in the case.
In June 2017, Boston obtained durable financial power of attorney from the woman, who was 90 at the time.
Trial evidence showed Boston subsequently took more than $300,000 through ATM withdrawals, bank transfers and other transactions.
Prosecutors said the transactions depleted the woman’s accounts in less than two years.
Evidence also showed Boston failed to meet the client’s financial obligations, neglected her care and later diverted her Social Security benefits for his personal use.
Boston resigned from the securities industry in 2019 and has not been registered in New Jersey since then, according to the Attorney General’s Office.
The case was investigated by the Medicaid Fraud Control Unit within the Office of the Insurance Fraud Prosecutor and prosecuted by Deputy Attorneys General Lawrence Krayn and Simret Michael.
Key Points
- John Boston, 50, of Verona was sentenced to seven years in state prison after being convicted of stealing more than $300,000 from an elderly client.
- Trial evidence showed Boston obtained financial power of attorney when the woman was 90 and depleted her accounts in less than two years through withdrawals, transfers and other transactions.
- Boston was convicted in May of second-degree theft and second-degree theft by failure to make required disposition.