A former Santa Barbara County investment advisor was sentenced Monday to just over 10 years in federal prison for stealing millions of dollars from elderly clients of her investment advisory business in the Santa Maria area.
Julie Darrah, 52, of Santa Maria, ran an investment advisory business called Vivid Financial Management Inc. (VFM).
In March, she pleaded guilty to wire fraud.
Prosecutors say she stole approximately $2.25 million from her clients between November 2016 and July 2023.
In October 2023, the Securities and Exchange Commission filed charges against Darrah and VFM in connection with the scheme. In December 2024, a U.S. District judge found her liable to pay back her clients $2,416,511.
Department of Justice (DOJ) officials say Darrah abused the trust her victims placed in her, accusing the defendant of manipulating her elderly clients into believing she would take care of them in their older years, like a daughter.
Darrah would then use this trust to persuade her victims to sign documents giving her the ability to transfer funds from their bank accounts into other accounts, including her own.
The DOJ says Darrah used the stolen funds to buy properties for herself, purchase luxury vehicles and operate other business ventures.
Some of her victims were reportedly left in desperate circumstances, without the money to pay for needed end-of-life care.
Prosecutors say Darrah also convinced a Minnesota-based investment adviser firm to acquire VFM based on false and misleading statements, which resulted in the company incurring more than $5 million in losses.
She faced a statutory maximum sentence of 20 years in federal prison but was sentenced to 121 months behind bars.
Anyone who thinks they may be a victim of financial fraud can contact the National Elder Fraud Hotline at 1-833-FRAUD-11.
