California Courts Missed Warning Signs in Alleged $6 Million Fiduciary Fraud Case Targeting Seniors
California courts and the state Professional Fiduciaries Bureau reportedly missed multiple warning signs over several years in a case where a Los Angeles-area fiduciary, Gregory Oveross, and his accountant, Faranita L. Corvalan, are accused of stealing over $6 million from elderly clients. State prosecutors have filed grand theft charges, alleging a 'Ponzi-style' scheme. Oveross and Corvalan have pleaded not guilty and are awaiting trial. Public records indicate that court officials approved financial reports despite missing check numbers for large transactions and that Oveross omitted accusations of wrongdoing from his annual statements to the bureau. For instance, in one case, Oveross allegedly wrote 19 checks totaling $670,000 to himself from a client's account, leaving the check number column blank, yet the report was approved. The Los Angeles court has since changed its rules to automatically schedule follow-up review dates after approving final distributions, a practice not uniformly adopted across a... 
