Newbury Park man gets 5 years in prison for elder scam
A Newbury Park man was sentenced to five years in state prison on Sept. 9 for his role in an investment scheme targeting elders.
Rod Hormell was a financial adviser. In May, the 59-year-old pleaded guilty to felony violations of theft from an elder and fraudulent sale of securities, admitting to stealing more than $100,000.
In December 2013, Hormell was placed on felony probation for using an elderly woman’s ATM card and investing her money in a non-existent business venture over a four-year span. A second victim came forward in 2014 who was impacted by the same scheme.
On top of the prison sentence, Hormell was ordered to pay restitution of $228,383 to the second victim’s daughter, which was in addition to the sum paid to the family of the first victim. He has a lifetime ban from the insurance industry.
This case was the result of a joint investigation by the Ventura County Sheriff’s Office, the California Department of Business Oversight and the California Department of Insurance.
• Contact Alex Kacik at [email protected].
