Deatsville man admits to securities fraud with mother

A man from Deatsville has entered a guilty plea for securities fraud after being accused of embezzling a substantial amount of money from his own mother, as per prosecutors. District Attorney CJ Robinson and Alabama Securities Commission Director Amanda Senn disclosed that Chad Svenby, aged 44, allegedly attempted to defraud his elderly mother by exploiting a power of attorney.

Svenby had previously faced a protective order barring him from communicating with his mother due to reported instances of harassment. However, by asserting his intention to care for her, he obtained access to all her financial accounts under the guise of familial support. From March 2017 to February 2018, he allegedly withdrew a staggering sum of around $400,000 from his mother’s savings. While he claimed the withdrawals were for her benefit, investigations revealed that the majority of the money was squandered at a casino or used for his personal gain.

Authorities only uncovered the fraudulent activity when Svenby made a suspicious attempt to alter his mother’s will, prompting them to alert law enforcement. Tragically, his mother passed away in September 2019, further complicating the gravity of his actions. Svenby is scheduled for sentencing on May 1, presided over by Circuit Judge Amanda Baxley. Securities fraud, categorized as a Class B felony, carries penalties ranging from a minimum of two years to a maximum of 20 years’ incarceration along with a possible fine of up to $30,000.

This distressing case sheds light on the vulnerability of elderly individuals to financial exploitation, even by their own family members. The abuse of power of attorney, intended for safeguarding the interests of the incapacitated, highlights the importance of stringent oversight and legal protections to prevent such deceitful acts.

In a society that values trust and family bonds, instances of financial exploitation within families serve as cautionary tales, emphasizing the imperative need for vigilance and legal recourse to combat such reprehensible behavior. The legal system must continue to uphold accountability and justice to deter potential perpetrators and safeguard the well-being of vulnerable individuals, particularly the elderly who are susceptible to exploitation. The sentencing of Chad Svenby serves as a stark reminder of the repercussions of financial abuse and the necessity for stringent legal consequences to curb such unethical conduct.