A Polk County, Florida, attorney has been arrested on suspicion of stealing nearly $2 million from a trust fund set up by his late father for his siblings who live in Pennsylvania.
Polk County Sheriff Grady Judd said at a news conference Thursday afternoon that the suspect, Jason Penrod, 47, of Family Elder Law, was arrested and charged with a first-degree felony count of theft over $100,000.
Judd said complaints about Penrod were received by his office on July 25 and 29 and are still being investigated, awaiting the return of bank records.
But on August 2, a complaint was filed by Pennsylvania State Police alleging that Penrod had defrauded a brother and sister who had received funds from a trust from their late father.
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Jason Penrod was charged with theft over $100,000. (Polk County Sheriff Facebook)
According to Judd, Penrod flew to Pennsylvania, looked the trustees in the eye and said, “I took your money. And not only did I take it, I took $1.7 million from you. I wiped out the trust. But I'm going to pay you back.”
The sheriff's office also said Penrod told the siblings he had a gambling problem and had gambled away the money at the Seminole Hard Rock Casino in Tampa.
Penrod blamed the financial losses on a gambling problem and then said he would pay them back with interest as a “short-term loan,” Judd said.
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Polk County, Florida, Sheriff Grady Judd said at a press conference that attorney Jason Penrod defrauded his brother out of more than $1.5 million in a scheme set up by his late father, who lives in Pennsylvania. (Polk County Sheriff Facebook)
Judd said the suspect offered a number of excuses, including repressed memories, post-traumatic stress disorder, trauma, numbness and stress.
After returning to the United States, Penrod allegedly entered a facility to receive treatment for his gambling addiction, and as the investigation progressed, Judd and his team discovered at least two more victims, bringing the total number of victims to four, with losses totaling approximately $4 million.
Judd said Penrod agreed to surrender his barrister's license before reapplying to raise funds to repay the debt.
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Polk County Sheriff Grady Judd alleged that attorney Jason Penrod gambled away millions of dollars that had been set aside in a trust fund. (Matthias Kulka)
“This guy is delusional with all his other excuses,” Judd said.
The sheriff said investigators and state prosecutors will do everything in their power to send Penrod to prison for a “very long period of time.”
The only charge he has been charged with so far is theft over $100,000, which carries a maximum sentence of 30 years in prison.
In addition to the numerous excuses Penrod gave for draining funds from the accounts, Judd said Penrod had considered suing the Hard Rock for allowing people to gamble at the company.
“You think this guy is going to be able to live with no problems,” Judd said. “He had like five brain cells and he left three of them at the Hard Rock, and now he's locked up and he's going to prison. That's our goal.”
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Polk County Sheriff Grady Judd said he plans to send an attorney to prison for defrauding a trust fund of millions of dollars. (iStock)
Judd provided further details about Penrod's alleged fraudulent activities.
One of the victims was a 93-year-old woman who had lost her husband and two sons. One of the sons had left money in a trust to care for his mother, and Judd said the money is now being held at the Hard Rock.
“Jason stole money and by his own admission, he spent the money at the Hard Rock,” the sheriff said. “Now he's trying to hide his mental illness. He's not mentally ill. He's a thief. A total thief.”
Judd said the investigation into Penrod is ongoing and it's unclear how many other cases or victims there may be.
He also said that because payments are made only once or twice a year, some people may have lost money and not even know it.
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Still, Judd alleges that Penrod stole millions of dollars.
“The worst criminals are the ones who hide behind a coat and tie, hiding their barrister's license or some kind of professional license, and steal money,” Judd said. “So at the end of the day, Jason, you're not going to get a royal flush, but you're going to get a prison flush, which we guarantee you.”
