June 22–A Newbury Park man has been sentenced to five years in state prison for his role in an investment scheme targeting elders, according to the Ventura County District Attorney’s Office.
Rod Scott Hormell, 59, of Newbury Park, pleaded guilty in May to felony violations of theft from an elder and the fraudulent sale of securities, prosecutors said. He also admitted stealing more than $100,000 and violating his felony probation, prosecutors said.
Hormell was a financial adviser who in December 2013 had been placed on felony probation for stealing from an elderly woman from 2008 to 2012, prosecutors said. He had invested her money in a nonexistent business venture and used her ATM card and bank account for himself, officials said.
In December 2014, the daughter of another victim became aware that Hormell had stolen $100,000 from her mother in 2003 by falsely claiming to invest her money in the same investment scheme used on the other victim, authorities said.
In addition to the prison sentence, Hormell was ordered to pay restitution of $228,383 to the daughter. He previously had been ordered to pay restitution to the heirs of the other victim.
Hormell agreed not to contest a lifetime ban from the insurance industry, prosecutors said. His securities license had been revoked after his first conviction.
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