Background of the Case

Elana Cohen-Roth, an 81-year-old retired IRS agent from Southern California, has been sentenced to 12 years in state prison after being convicted of defrauding an elderly woman out of $1 million. The sentencing took place in Sonoma County on a recent Friday.

Details of the Fraud

Cohen-Roth’s fraudulent scheme began in 2013 when she started preparing taxes for the victim, who was 66 years old at the time. Over the years, the two developed a friendship, which gave Cohen-Roth access to the victim’s sensitive financial information.

During the years leading up to 2019, Cohen-Roth promoted various “investment opportunities,” promising returns of at least 10% with “no risk.” The amounts involved ranged from $25,000 to $150,000 on over 20 occasions. The victim, seeking to invest, even took out a reverse mortgage to fund these transactions.

Investigation and Discovery

Prosecutors uncovered evidence indicating that Cohen-Roth was operating a Ponzi scheme, where investments from new victims were used to pay earlier ones. This fraudulent operation not only depleted the victim’s savings but also funded Cohen-Roth’s extravagant lifestyle.

The scheme unraveled in 2020 when the victim requested some of her money back to relocate near her family, only to find that Cohen-Roth had no funds to return. The elderly woman, who once owned a home and had substantial investments, found herself financially devastated.

Sentencing and Impact on the Victim

In court, the judge opted for a 12-year sentence for Cohen-Roth instead of the maximum 28 years, taking her age into consideration. County District Attorney Carla Rodriguez emphasized the severe impact of the crime on the victim, stating, “The victim’s years of hard work and lifetime savings are gone due to Ms. Cohen-Roth’s greed. Unfortunately, the victim will never be made whole financially and her life is forever impacted.”

Conclusion

This case serves as a grim reminder of the vulnerabilities faced by elderly individuals against financial exploitation. The sentencing aims to deliver some measure of justice, although the financial repercussions for the victim remain severe and enduring.