The Massachusetts Secretary of State has charged a former Morgan Stanley Smith Barney advisor with taking money from her elderly clients and diverting it into a Cape Cod company she controlled.

Carlene B. Veara, the former MSSB registered representative, allegedly gained access and control over all the assets of one of her MSSB clients, a 98-year-old woman in failing health with no known relatives, according to the state administrative complaint. “Veara has power of attorney for this investor, and has successfully transferred $177,000” from the client’s account to Cape Cod Caretakers, Veara’s company, the complaint said. The advisor closed out two of the client’s accounts, took money from an annuity and became a 50% beneficiary of another account, the complaint alleged.

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