Juan Velez, a 35-year-old personal banker from Hoboken, NJ, has been sentenced to six months in jail for stealing over $166,000 from an elderly client suffering from dementia. Velez’s crimes included misappropriating the funds to indulge in a luxury Harley-Davidson motorcycle and pay off personal credit card debt.
The incident highlights the alarming prevalence of financial fraud targeting vulnerable seniors. Velez, who worked at a Citibank branch on the Lower East Side of Manhattan, confessed to orchestrating a year-long scheme that preyed on the 79-year-old victim. The elderly man, concerned about his finances, visited the bank multiple times a week to consult with Velez. Unbeknownst to him, Velez was exploiting his condition, attributing the man’s frequent visits to his memory issues.
Velez’s elaborate fraud included creating fake accounts, impersonating the elderly man, and transferring funds into his own accounts. He was arrested in May, just a month after his last fraudulent transaction.
Manhattan District Attorney Alvin Bragg emphasized the importance of protecting the elderly from financial exploitation. “Today, Juan Velez is facing accountability for abusing his position as a personal banker to steal from a 79-year-old man suffering from dementia,” Bragg stated. He encouraged older individuals who suspect they have fallen victim to financial fraud to contact the Elder Abuse Unit of his office. “We are committed to protecting older New Yorkers from fraudsters who target their well-earned savings,” he added.
As part of the plea agreement, Velez will serve six months in jail, followed by a five-year probationary period. Additionally, he will be required to surrender his motorcycle and provide financial restitution to Citibank.
