October 29, 2023
By KAREN VELIE
The Securities and Trade Fee filed civil fees final week towards a Central Coast funding advisor and the wealth administration agency she co-founded for allegedly stealing $2.25 million from no less than 9 aged feminine purchasers. As a part of its case, the SEC froze Julie Darrah’s belongings.
Darrah focused aged feminine purchasers, a lot of whom had come to depend on Darrah for his or her monetary well-being, together with one shopper who lives in a reminiscence care facility, in keeping with the grievance. She gained management of her sufferer’s belongings by turning into their trustee, the signatory on their financial institution accounts, and by acquiring energy of lawyer over their property and accounts.
Based mostly in Orcutt, Darrah hid her scheme by, amongst different issues, altering shopper account mailing addresses to her personal deal with.
After absconding along with her shopper’s funds, Darrah allegedly used the ill-gotten good points to purchase actual property, pay private bills, purchase luxurious autos and purchase and function restaurant companies at a loss.
4 companies tied to Darrah closed abruptly on Tuesday: Cups & Crumbs, a espresso store and bakery in Previous City Orcutt and Santa Maria; The Homestead, a deli in Previous City Orcutt; and Central Coast Specialty Meals, a deli in Lompoc.
The SEC’s grievance fees Darrah with a number of violations of the Securities Act. The grievance seeks to require Darrah to pay again her allegedly ill-gotten good points, prejudgment curiosity, financial penalties, and everlasting and conduct-based injunctions.