A son will spend six months in prison after his conviction on securities fraud for stealing from his mother’s accounts.
19th Judicial Circuit of Alabama district attorney C.J. Robinson, and Alabama Securities Commission director Amanda Senn, announced Chad Svenby, 44, of Deatsville, was sentenced by Judge Amanda Baxley to serve six months incarceration in the Alabama Department of Corrections followed by a period of supervised probation. A restitution hearing will be held at a later date. Svenby is barred from ever participating in the securities industry in the State of Alabama.
“Elderly family members need the support of trustworthy family members during their golden years,” Senn said in a press release. “Sadly, financial crimes against the elderly are sometimes committed by family members who are exploitative. We all need to be vigilant. Today’s sentence should serve as a strong message that if criminals commit financial crimes against Alabamians, the ASC will go above and beyond to seek justice for our victims.”
According to the release, prior to obtaining power of attorney over his mother’s estate, Svenby was the subject of a protective order to have no contact with his mother because of harassing behavior. Once he secured the POA, which was obtained through the guise of caring for her, Svenby had access to all of his mother’s accounts.Â
From March 2017 through February 2018, Svenby withdrew approximately $400,000 of his mother’s savings. While he represented the withdrawals were for his mother’s benefit, most of it was spent at a casino and for his own benefit. The release stated his crime was discovered when he attempted to change his mother’s will. Legal authorities contacted law enforcement because of the suspicious conduct. Svenby’s mother died in September 2019.
The ASC thanks the Alabama Department of Human Resources, Robinson, the Prattville Police Department and Wind Creek Casino for their cooperation and assistance throughout the investigation.
The ASC cautions investors to thoroughly research any investment opportunity. Call the ASC at 1-800-222-1253 and ask the Registration Department to check out persons offering investment opportunities, investment advice for a fee, and any products they offer. Contact the ASC to report suspected fraud, inappropriate securities business practices, or to obtain consumer information. Free investor education and fraud prevention materials are available at www.asc.alabama.gov
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