A 52-year-old California woman has been sentenced to 121 months in federal prison for stealing over $2.2 million from elderly victims through a sophisticated investment fraud scheme. Julie Anne Darrah, who worked as an investment adviser, exploited her position of trust to target vulnerable elderly clients at her firm, including those receiving end-of-life care.
The Scheme
Darrah gained control of her clients’ assets by convincing them to sign documents that made her the trustee of their trusts, added her as a signatory on their bank accounts, or granted her power of attorney over their brokerage accounts. She then liquidated their security holdings without their knowledge and transferred the proceeds to accounts under her control.
Extent of the Fraud
The fraud occurred between November 2016 and July 2023, during which time Darrah stole approximately $2.25 million. She used the money to fund a luxurious lifestyle, purchasing luxury vehicles and properties, paying personal expenses, and operating other business ventures. The consequences for her victims were severe, with some left without funds to pay for end-of-life care when the fraud was discovered.
Legal Consequences
In addition to her prison sentence, Darrah was held liable in a civil complaint filed by the SEC in October 2023. In December 2024, she was ordered to pay $2,416,511, including interest. Darrah pleaded guilty to one count of wire fraud on March 4, 2025, and was sentenced on May 19, 2025.
Impact on Victims
The impact of Darrah’s actions extended beyond her individual victims. A Minnesota-based investment advisor firm, referred to as ‘Business Victim 1’ in the plea agreement, incurred approximately $5.4 million in losses after Darrah made false and misleading statements to convince them to acquire VFM, concealing her theft of individual client funds.
Resources for Victims
The U.S. Attorney’s Office has encouraged anyone aged 60 and older who may have been a victim of financial fraud to contact the National Elder Fraud Hotline at 1-833-372-8311. Reporting financial losses due to fraud promptly can increase the likelihood of recovering losses and help authorities identify those who commit such crimes.
