07/10/2019 | Press release | Distributed by Public on 07/10/2019 14:27
David Reimers to pay $1.8 Million in Restitution
SACRAMENTO - California Attorney General Xavier Becerra today announced the sentencing of David William Reimers, 52, from El Dorado County. Mr. Reimers pleaded guilty to 10 different criminal counts involving financial fraud against numerous elderly victims. Mr. Reimers solicited more than $2 million from elderly investors under false pretenses through his financial advising company, Reimers Financial Services. Mr. Reimers promised investors a guaranteed return, but instead of investing their money, he diverted the funds for personal gain. Mr. Reimers was sentenced to 17 years in state prison. Mr. Reimers also agreed to pay victim restitution amounting to more than $1.8 million.
'Scamming elderly victims out of their life savings is despicable,' said Attorney General Becerra. 'We will not tolerate this type of unconscionable behavior. The California Department of Justice will be working tirelessly to prosecute fraudsters like David Reimers who target our vulnerable elder communities.'
On June 18, 2018, Attorney General Becerra announced the arrest of Mr. Reimer and the filing of 126 felony charges involving financial fraud. The arrest was the result of an investigation conducted by Special Agents from the California Department of Justice's Bureau of Investigation. The investigation was initiated following a complaint made to the Department of Insurance about potential fraud committed by Mr. Reimers. According to the complaint, on occasions when Reimers' victims would request to withdraw money from their investment accounts, Mr. Reimers would use other investors' money to cover the withdrawal, thereby misleading victims into thinking their investments were safe. Mr. Reimers pleaded guilty in El Dorado County Superior Court on April 25, 2019.