Yardley Financial Advisor Charged With Stealing More Than $200,000 From Client
YARDLEY, Pa. (CBS) – A 74-year-old Pennsylvania accountant and financial advisor is accused of stealing more than $200,000 from a client's trust.
John J. Katsock, Sr., of Yardley, voluntarily turned himself in to police in Mercer County on Tuesday morning.
Katsock reportedly diverted money from the trust accounts in numerous ways, including by directing his client to make tens of thousands of dollars in estimated tax payments to both the IRS and the State of New Jersey Division of Taxation on behalf of the trust. Officials say that because the trust owed almost no taxes, his scheme generated "large tax refunds that were then deposited into the trust" and which Katsock then transferred to accounts he controlled.
Search warrants were executed earlier this month at two residences related to Katsock in Yardley as well as at his business, J. J. Katsock & Company, in Fairless Hills.
After the investigation, Katsock turned himself in to authorities on charges of second-degree theft by unlawful taking, second-degree theft by deception and second-degree misapplication of entrusted property. His bail is set at $75,000 cash or bond.
You may also be interested in these stories:
