Michigan Investment Adviser Steals from Elderly to Pay for Dancers
Investment adviser during the day and a sugar daddy at night, according to an article in the Detroit Free Press and a complaint filed in the U.S. District Court in Detroit. Keith Epstein, a financial adviser in Farmington Hills, MI, apparently is facing federal bank fraud charges for preying on at least 17 elderly clients and convincing them to liquidate legitimate investments and promising to invest their money in low risk investments. Mr. Epstein then used the $7 million in converted funds to his own use by depositing them into his personal accounts to support exotic dancers, pay gambling debts, travel, purchase art and pay interest to other investors. Reportedly, he gave exotic dancers signed blank checks to use as they saw fit, in addition to lavish gifts. One dancer was paid $8,000 a month, plus a rental car and a cell phone. Another quit her job to be supported by Epstein and was paid $1,000 to $1,500 per week. A third was paid money, party buses, an extravagant party and $6,000 as a down payment on a Cadillac.