Home Cincinnati Press Releases 2009 Financial Planner Sentenced to 66 Months for Stealing Nearly $2.7 Million from Elderly Clients

Financial Planner Sentenced to 66 Months for Stealing Nearly $2.7 Million from Elderly Clients

U.S. Attorney’s Office October 14, 2009
  • Southern District of Ohio (937) 225-2910

COLUMBUS—Julie M. Jarvis, 51, of Columbus, was sentenced in United States District Court here today to 66 months in federal prison and ordered to pay $2,663,681.44 in restitution for stealing money and property from two elderly clients between 2000 and 2009 while she was working as their financial planner.

Carter M. Stewart, United States Attorney for the Southern District of Ohio, and Keith L. Bennett, Special Agent in Charge, Federal Bureau of Investigation, Cincinnati Division (FBI), announced the sentence handed down today by U.S. District Judge Gregory L. Frost.

Jarvis pleaded guilty on May 13, 2009 to one count of mail fraud. Jarvis, a certified financial planner, owned and operated companies in the Columbus area, Crossroads Financial Planning, Inc. and EMCW, LLC. In May 2000, Jarvis began illegally diverting money from clients and their accounts into personal and company accounts she owned and controlled.

Jarvis admitted that she stole the money in several ways, including forging her clients’ signatures on letters and instructions to the clients’ financial institutions, and misleading her clients by telling them the money would be used for investments on the clients’ behalf. In one instance, Jarvis transferred $210,000 from a client’s account to her account and said the transfer was related to a mortgage loan for the client’s granddaughter.

Jarvis agreed to make restitution to the clients prior to her sentencing. She also agreed to forfeit her interests in real estate in Columbus and Upper Arlington, the contents of bank and brokerage accounts, artwork, collectibles, lithographs and original prints she bought with the money, and a grand piano.

Stewart commended the investigation by FBI agents, and Assistant U.S. Attorney Dale E. Williams, Jr., who prosecuted the case. Stewart also noted the cooperation of the Securities and Exchange Commission, which has undertaken a separate civil action in this matter.

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