A former Edward Jones financial advisor allegedly stole more than $160,000 from a disabled client, according to federal authorities.
James C. Cox of Columbus, Ohio, was arrested earlier this month and charged with stealing from a vulnerable developmentally impaired female client more than $160,000 in funds set aside for her as an investment account by her late father, authorities said. The father also was one of Cox's clients.
Cox, 39, is awaiting the results of a pending grand jury investigation and wearing an ankle bracelet to monitor his movements, according to the U.S. Attorneys office in Columbus, which is prosecuting the case.
Edward Jones, which reportedly fired Cox last March for allegedly stealing another clients money, did not immediately return calls for comment. Coxs attorney also did not return calls seeking comment.
A federal criminal complaint accuses Cox, following the father's death in 2012, of moving funds from an Edward Jones account to a private account in the alleged victims name. He then withdrew the money either as checks which he cashed, or by transferring the funds to his own account located in the same bank. The complaint alleges that Cox reportedly kept his withdrawals from the 50-year-old womans account small in order to avoid suspicion and reporting requirements.
When bank managers grew suspicious about the transactions and closed both the womans and Coxs accounts, he allegedly moved the womans money to another bank where he had another personal account. He continued to transfer all her remaining funds in some 21 transactions.