By Staff Writer | iSkyCreations - News & Media (ISC News & Media) Published May 2nd, 2024
Defendant Stole Approximately $1 Million from the Victim and Used the Funds for His Personal Benefit; As a Result of the Fraud, Victim’s House Went Into Foreclosure
BALTIMORE, MD – Eddy Ray Blizzard, a 45-year-old financial advisor from Havre de Grace, Maryland, was sentenced to three-and-a-half years in federal prison for stealing approximately $1 million from an elderly client’s retirement funds. The sentencing took place in U.S. District Court in Baltimore on April 30, 2024, with U.S. District Judge Stephanie A. Gallagher also imposing two years of supervised release following Blizzard's imprisonment.
The case, which was led by the United States Attorney for the District of Maryland Erek L. Barron and investigated by the Federal Bureau of Investigation and the Federal Housing Finance Agency Office of Inspector General, revealed a long-term scheme of financial exploitation against 75-year-old R.M., a retired air-conditioning technician.
According to court documents, Blizzard, who began advising R.M. in 2005, convinced the elderly man to invest his life savings with him after retiring from a career of over 40 years. Blizzard initially met R.M. at a bank where he worked and later misled him about operating as an independent financial advisor. Over the years, Blizzard exploited R.M.'s trust, repeatedly obtaining signed blank checks from him, which he then used to siphon funds from R.M.’s account for personal expenses such as property taxes, construction, and boat payments.
The deceit came to light in August 2019 when R.M. was unable to withdraw cash for a family vacation due to insufficient funds, uncovering that his accounts had been drained. Subsequent investigations showed that from 2013 to 2019, Blizzard had made unauthorized withdrawals totaling around $1.4 million from R.M.’s retirement accounts, effectively depleting his life savings.
The fraudulent activities led to dire consequences for R.M., whose house went into foreclosure after Blizzard failed to make the mortgage payments he had promised to handle. Tragically, R.M. passed away on March 20, 2020, amidst the ongoing financial turmoil.
Special Agent in Charge William J. DelBagno of the FBI’s Baltimore Field Office condemned Blizzard's actions, emphasizing the severe impact of his "cruel and calculated scheme" on the victim and his family. DelBagno reaffirmed the FBI's commitment to protecting elderly citizens from such exploitation.
In his remarks, U.S. Attorney Barron praised the investigative efforts and highlighted the importance of reporting elder financial abuse. He pointed to resources like the National Elder Fraud Hotline and encouraged those affected by similar crimes to seek help and justice.
Assistant U.S. Attorneys Evelyn Lombardo Cusson and Aaron S.J. Zelinsky, who prosecuted the case, expressed satisfaction with the outcome, hoping it serves as a deterrent to similar crimes against vulnerable seniors.
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