Support for LAist comes from
We Explain L.A.
Stay Connected

Share This

News

Financial Planner Arrested At Financial Planning Seminar For Financial Shenanigans

handcuffs-640-shutterstock.jpg
Photo by Dariush M. via Shutterstock
LAist relies on your reader support, not paywalls.
Freely accessible local news is vital. Please power our reporters and help keep us independent with a donation today.

Police this morning arrested a man in Downey who was giving a financial planning seminar on suspicion that he'd diverted money from an elderly client, resulting in a $125,000 tax bill she wasn't expecting.

Jose Carbajal, 45, was arrested around 11 a.m. at a small financial planning seminar and charged with financial abuse of the elderly.

"The ... woman learned from the IRS that the tax bill resulted from a large monetary transfer associated with her investment account, which was managed by Carbajal, who is an independent financial advisor," a sheriff's spokesman told City News Service. "As the investigation progressed, additional victims were identified, including a Baptist Mission."