SACRAMENTO – On June 18, 2018 the California Attorney General announced the arrest and arraignment of David William Reimers, 52, of El Dorado Hills, on 126 felony charges involving financial fraud against numerous elderly victims. The Attorney General’s complaint alleges that, for as many as nine years, Reimers solicited more than $2 million from elderly investors under false premises through his financial advising company, Reimers Financial. Reimers allegedly promised investors a guaranteed return, but instead of investing their money, he diverted the funds for personal gain.
“Special agents with the California Department of Justice’s Bureau of Investigation investigated a complaint about possible fraud which lead to this man’s arrest,” said California Statewide Law Enforcement Association (CSLEA) President Alan Barcelona. “Scamming senior citizens of their hard-earned finances is a despicable crime and special agents work to find those individuals who do it.”
“Financial fraud against elderly Americans is far more common than we would like to believe. What David William Reimers is accused of doing demonstrates a level of immorality that destroys lives,” said Attorney General Xavier Becerra. “June is Elder Abuse Awareness Month, and at the California Department of Justice we will do our part to help the five million older adults who are targeted for financial exploitation each year. In David Reimers’ case, we intend to vigorously pursue his prosecution and conviction.”
According to the complaint, on occasions when Reimers’ victims would request to withdraw money from their investment accounts, Reimers would use other investors’ money to cover the withdrawal, thereby misleading victims into thinking their investments were safe.
