Wednesday, July 7, 2010
© Copyright 2013
Gwinnett Daily Post
ATLANTA -- A Sugar Hill man was sentenced in U.S. District Court to five years in prison Wednesday, after he defrauded elderly clients out of more than $4 million over a three-year span.
M. Dewey Bain, 59, an attorney formerly licensed in Georgia and Texas, entered into trust agreements with his clients between May 2006 and March 2009, agreeing to act as their financial advisor and invest their retirement savings into safe accounts.
But, according to U.S. Attorney Sally Quillian Yates, Bain diverted their money to pay for his own personal expenses and to support his business interests, defrauding his clients out of an estimated $4.3 million.
One elderly victim who appeared in court Wednesday claimed that Bain originally invested her money in certificates of deposit before later liquidating them and moving the money to a bank account in his name. He also used the money in his business and wrote checks off of her credit card account.
The victim lost nearly $1 million and was no longer able to pay for her assisted living residence.
Wednesday, Bain was sentenced to five years, three months in prison and ordered to pay the full amount of his fraud in restitution to his victims.