California Fiduciary Charged with $6 Million Elder Fraud Scheme, Courts Missed Red Flags
A Los Angeles-area fiduciary, Gregory Oveross, and his accountant, Faranita L. Corvalan, have been charged with grand theft for allegedly stealing over $6 million from clients, primarily elderly individuals, over six years. Prosecutors from the California Attorney General's Office describe the scheme as a 'Ponzi-style' operation where Oveross allegedly altered bank statements and falsified court reports. In one instance, Oveross reportedly wrote 19 checks totaling $670,000 to himself from a client's account, omitting check numbers from financial reports, which Judge Deborah L. Christian approved. Another case involved Oveross allegedly failing to distribute a $1.7 million inheritance to beneficiaries. Despite accusations of wrongdoing, Oveross maintained a valid fiduciary license for years, and his license was only suspended after his arrest. The case highlights a systemic issue where court officials and the state Professional Fiduciaries Bureau reportedly missed multiple warning signs. 
