Raritan NJ
9-21-2026 1:43pm

Essex County Financial Advisor Sentenced to Seven Years in Prison for Stealing $300,000 from Elderly Clien

TRENTON – Attorney General Jennifer Davenport and the Office of the Insurance Fraud Prosecutor (OIFP) announced today that an Essex County financial advisor was sentenced to seven years in New Jersey state prison for stealing more than $300,000 from an elderly client who had entrusted him with helping to manage her financial affairs.

John Boston, 50, of Verona, was convicted in May 2026 of one count of second-degree theft and one count of second-degree theft by failure to make required disposition following a six-day trial before Superior Court Judge Patrick J. Arre in Essex County.

“The sentence imposed here reflects our commitment to hold people accountable when they abuse positions of trust for personal gain,” said Attorney General Davenport. “New Jerseyans, especially older New Jerseyans, should be able to trust the professionals they rely on to manage their finances. When that trust is exploited, we will work to ensure those responsible are held accountable.”

“This defendant took advantage of an elderly client who trusted him to help manage her financial affairs,” said Acting Insurance Fraud Prosecutor Bernard J. Cooney. “This seven-year prison sentence reflects the seriousness of his conduct and our commitment to protecting vulnerable New Jerseyans.”

According to documents filed in the case and evidence at trial, Boston worked as a registered financial advisor who contracted with the victim to manage her assets after she received an inheritance from her late brother. Boston, however, never obtained his employer’s authorization to provide financial advisory services to the victim and failed to register the victim as a client, as required by the Financial Industry Regulatory Authority.

In June 2017, Boston obtained a durable financial power of attorney from the then-90-year-old victim. Evidence presented at trial showed that, rather than managing the victim’s assets and ensuring her long-term financial stability, Boston stole more than $300,000 from the victim through a series of ATM withdrawals, bank transfers, and other transactions. He depleted the victim’s accounts in less than two years, failed to meet her financial obligations, neglected her care, and later diverted her Social Security benefits for his own personal use. Boston resigned from his position in the securities industry in 2019 and has not been registered in New Jersey since.

The case was prosecuted by Deputy Attorneys General Lawrence Krayn and Simret Michael of the Office of the Insurance Fraud Prosecutor’s (OIFP) Medicaid Fraud Control Unit (MFCU). Sgt. Little Trenard and Detective Chantel Blake led the investigation.

OIFP’s Medicaid Fraud Control Unit specifically protects Medicaid beneficiaries and the Medicaid Program from fraud, waste, and abuse. The Unit also may review complaints of abuse or neglect of patients or residents in care facilities regardless of the funding source.

New Jersey MFCU’s total funding for federal fiscal year 2026 is $11.6 million. Of that total, 75 percent is awarded under a grant from the U.S. Department of Health and Human Services. The remaining 25 percent is funded by the State of New Jersey.

To report fraud, abuse or neglect, please email NJMFCU@njdcj.org or call 609-292-1272. If you are concerned about insurance cheating in general, and have information about insurance fraud, you can report fraud anonymously by calling the toll-free hotline at 1-877-55-FRAUD, or visiting www.NJInsurancefraud.org. State regulations permit a reward to be paid to eligible persons who provide information that leads to an arrest, prosecution, and conviction for insurance fraud.

---

Defense counsel: Elliot Friedman, Esq., Office of the Public Defender

More News from Raritan
I'm interested
I disagree with this
This is unverified
Spam
Offensive