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Sandra Yi ReportingA former investment advisor is accused of defrauding a widow of several hundred thousand dollars. State prosecutors recently charged the man.
Joe Christensen, Director, Utah Insurance Fraud Division: "He was a predator."
That's how fraud investigators describe 45-year old Glen Roundy.
Joe Christensen: "He had basically targeted this vulnerable widow."
In 2001, Marcia Peay unexpectedly lost her husband to cancer. He left her $880,000 in stocks. The woman went to Roundy to invest the money.
Joe Christensen: "She was trusting a licensed professional to invest for her."
Court documents show that in a two and a half year period, the victim was directed to invest and re-invest her diminishing capital, and eventually lost or was taxed more than $200,000.
Joe Christensen: "He saw somebody that was vulnerable. She was recently widowed, she was very trusting, and he took advantage of that trust."
In 2003, Roundy was fired and lost his securities license, but according to court documents, he never told the victim.
Investigators say Roundy's partner, Michael Sivulich, also kept quiet about it and allowed Roundy to use his license to access the victim's account. Documents show Roundy convinced her she would be better off if she liquidated her annuity investments and gave the funds to him.
Between 2003 and 2004, Roundy allegedly received more than 20 checks from the victim, totaling $271,000. Investigators say he pocketed the money.
Joe Christensen: "We've been told he took trips to Hawaii and Jackson Hole, and utilized the rest for day to day living."
Roundy was arrested and now faces four felony charges, including insurance fraud, forgery and theft by deception. State prosecutors have charged Roundy's partner and Roundy's sister, who is accused of laundering the victim's money.
The victim was able to recover most of her money, but is still out, $70,000.
