An Alabama man has been convicted of orchestrating a complex Ponzi scheme that stole $8.4 million from an elderly victim. James Dean ‘Jimmy’ Bulger, 60, of Deatsville, was found guilty of first-degree theft by deception, aggravated theft by deception, and first-degree financial exploitation of the elderly, as announced by Alabama Attorney General Steve Marshall on Friday.
The conviction follows a six-day trial in Montgomery County where evidence revealed that Bulger manipulated the elderly victim over more than two years, exploiting his advanced age and trust. Bulger convinced the victim to reinvest what he believed were profits, when in reality he was receiving his own money back. The stolen funds were used to finance a luxurious lifestyle, including the purchase of luxury vehicles, designer goods, and the construction of an 8,000-square foot mansion.
‘This wasn’t a lapse in judgment, it was a calculated, predatory scheme that stole nearly $9 million from an elderly man who trusted him,’ Marshall stated in a press release. ‘James Bulger saw vulnerability and exploited it for personal gain, living lavishly while destroying his victim’s financial future.’ The Attorney General emphasized that the conviction demonstrates the state’s commitment to holding con artists accountable, particularly when they target senior citizens.
The case took a disturbing turn when, following his indictment in 2023, Bulger attempted to persuade the victim to drop the criminal charges in exchange for $1 million. Bulger was convicted by a Montgomery County court and is currently being held at the Montgomery County Detention Center. His sentencing is scheduled for July 21. The case was prosecuted by the Attorney General’s Special Prosecutions Division, including Assistant Attorneys General Kyle Beckman, Alana Cammack, and Jasper Roberts.
