(Image Credit: IMAGN)
Los Angeles, California – A Santa Maria woman was sentenced last week to more than 10 years in federal prison for orchestrating a years-long scheme in which she stole millions from elderly clients, including some in end-of-life care.
Julie Anne Darrah, 52, an investment advisor and owner of a financial advisory firm in Santa Barbara County, was sentenced to 121 months in federal prison on May 19 by U.S. District Judge Otis D. Wright II. She previously pleaded guilty to one count of wire fraud on March 4. A restitution hearing will be held at a later date.
According to prosecutors, Darrah stole approximately $2.25 million from her clients between November 2016 and July 2023. She gained control of her victims’ finances by convincing them to sign documents granting her power of attorney, naming her as trustee of their trusts, or giving her access to their bank and brokerage accounts. In many cases, the victims were elderly and trusted Darrah deeply, believing she would care for them like a family member.
“She used this trust to convince them to sign the documents that she then used to steal money from them,” court documents stated.
Once she had control, Darrah liquidated her clients’ investments and secretly transferred the funds into accounts she controlled. The stolen money funded a lavish lifestyle, including the purchase of luxury vehicles, properties, personal expenses, and the operation of other business ventures. Some victims were left unable to pay for their end-of-life care.
Darrah also defrauded a Minnesota-based investment advisory company referred to in court as “Business Victim 1.” She persuaded the firm to acquire her company, VFM, while concealing her ongoing theft of client funds. After the fraud was uncovered, Business Victim 1 suffered approximately $5.4 million in losses.
In October 2023, the Securities and Exchange Commission (SEC) filed a civil complaint against Darrah, and in December 2024, she was found liable for $2.4 million in financial penalties, including interest.
The case was investigated by the FBI and the Federal Deposit Insurance Corporation Office of Inspector General, and prosecuted by Assistant U.S. Attorney Kerry L. Quinn of the Major Frauds Section.
Authorities urge anyone age 60 or older who has been the victim of financial fraud to contact the National Elder Fraud Hotline at 1-833-372-8311. Support is available in multiple languages, and early reporting may increase the chances of recovering stolen funds.
