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Former Pierce County man pleads guilty to bilking elderly client

Post by Adam Lynn / The News Tribune on June 22, 2012 at 2:33 pm |
June 22, 2012 2:33 pm

A former Pierce County resident now living in Colorado pleaded guilty today in U.S. District Court to stealing money from an elderly client.

Federal prosecutors said Michael D. Montgomery, 43, took as much as $1 million from the man, who lived in the Tacoma area until his death in 2006.

Montgomery served as the man’s financial advisor and later as trustee of his revocable living trust, prosecutors said. In that position, Montgomery transferred money between the victim’s Charles Schwab account and bank account, then wrote himself checks, prosecutors said.

Montgomery claimed the money was for services rendered, but he never provided the victim’s family with an accounting and also failed to report the income no his federal tax returns, prosecutors said.

He is to be sentenced in September on one count each of wire fraud and filing a false tax return.

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