Man convicted of embezzling $500K from elderly parents
WEST CHESTER, Pa. - September 25, 2012 (WPVI) -- A Chester County man has been convicted of embezzling over $500,000 from his elderly parents and other family members.
Boyd Davis, Jr., formerly of East Bradford Township, was found guilty on more than 80 counts of theft by unlawful taking, theft by deception, and other types of fraud.
Prosecutors say he preyed on his elderly parents, Nelda Davis and Boyd Davis, Sr.
The Davis family operated a heating oil business in Chester County. Boyd Sr. suffered a disabling stroke in 1999. Nelda had suffered from declining health for some time, culminating with her death in 2010 at the age of 96.
With both parents in declining health, Boyd Jr. was grant power of attorney over his parents' funds. However, the district attorney says it wasn't long before he began transferring money from his parents' savings account and into his own.
Prosecutors say he directly transferred money into his account, stole proceeds from a mortgage loan put on his parents' home, and misdirected checks to a secret bank account.
The fraud was reported by attorney Steve Lagoy, who had been appointed guardian of Nelda Davis, when he saw irregularities in mortgages involving Boyd Jr. and his mother.
Sentencing has not yet been scheduled.
chester county, pennsylvania, fraud, embezzlement, local/state
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