Catalina Corona, a personal assistant to an elderly couple in New York admitted to stealing $10 million from her employers, according to CNBC (1). This case of fraud and elder abuse against Richard Schmeelk —a retired Salomon Brothers investment banker — and his wife, Priscilla, went undetected for seven years. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers.
Here's how Robert Kiyosaki this 1 asset will surge 400% in a year and begs investors not to miss this 'explosion' Taxes are going to change for retirees under Trump's 'big beautiful bill' — here are 4 reasons you can't afford to waste time Prosecutors say that Corona used fraudulent checks, unauthorized transfers and impersonation tactics to siphon money from the Schmeelks' accounts between 2017 and 2024. Even after Richard Schmeelk died in 2022 at age 97, the fraud continued. The stolen funds were used to finance a luxury lifestyle, including purchases from Gucci, Cartier and Louis Vuitton, as well as hundreds of thousands of dollars in credit card payments.
The scheme only came to light when a bank flagged a suspicious $1,500 check in 2024, which raises questions about how long the fraud might have continued if not for that intervention. Corona now faces a potential sentence of up to 30 years in prison. Read More: How to apply Dave Ramsey's 7 Baby Steps to your own life Cases like this are not isolated.
According to the FBI, elder fraud led to nearly $5 billion (2) in reported losses in 2024, with more than 147,000 complaints filed. The actual number is likely much higher, since many victims never report abuse — whether because they're unaware it's happening, feel embarrassed or depend on the person exploiting them. These cases are especially troubling because of the role of trust.
Financial abuse often isn't carried out by strangers, but by people already inside the victim's circle, such as caregivers, assistants, relatives or advisors. Once that trust is established, it can be difficult to detect when something goes wrong. In this case, prosecutors allege Corona wrote hundreds of checks to herself, transferred funds into her own accounts and continued the fraud even after Richard Schmeelk died.
Elderly financial abuse can be difficult to detect, especially when it unfolds gradually. Warning signs include unusual financial activity, such as sudden withdrawals, large transfers or unexplained purchases that don't match typical spending habits. Other red flags include changes in banking behaviour — such as new authorized signers or unexpected shifts in account access — as well as missing documents, unpaid bills or confusion about finances.
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