Alabama man pleads guilty to securities fraud after stealing $400,000 from elderly mother for gambling

Chad Svenby, a 44-year-old man from Deatsville, stole $400,000 from his elderly mother to fund his gambling habits. By securing power of attorney over his mother’s accounts from March 2017 to February 2018, Svenby exploited his position of trust to withdraw vast sums of money under false pretenses. Claiming to be his mother’s caregiver, he convinced authorities to grant him control over her finances. However, prior to this, a protection order had been filed against him due to his harassing behavior towards his mother.

Despite claiming that the withdrawals were for his mother’s well-being, Svenby predominantly used the money for gambling at a casino and personal expenses. Although the specific casino where he squandered the stolen funds was not disclosed, the Prattville police and Wind Creek Casino were commended for their cooperation and assistance in the investigation into Svenby’s criminal activities.

Svenby’s illegal activities were brought to light when he attempted to alter his mother’s will, prompting concerns about his conduct towards her. Subsequently, legal authorities intervened, leading to his arrest. Sadly, his mother passed away in September 2019, unable to witness justice being served for the harm her son inflicted upon her.

Presently, Elmore County Circuit Court Judge Amanda Baxley has slated Svenby’s sentencing for May 1, awaiting final judgment on his duplicitous actions. This case serves as a reminder of the vulnerability of the elderly and the importance of protecting them from exploitation, especially by those closest to them. The abuse of trust, such as in Svenby’s case, underscores the need for vigilance in safeguarding the financial and emotional well-being of seniors.

In light of this unfortunate situation, it is imperative for families and authorities to remain vigilant and attentive to signs of financial abuse and exploitation targeting vulnerable individuals. By educating ourselves and our loved ones on the warning signs of such misconduct, we can work together to prevent similar cases of deceit and fraud in our communities. Let this case be a cautionary tale for all and a call to action to protect our elderly family members and friends from falling victim to financial crimes.