Couple Arrested for Stockbroker Fraud in South Florida

Hollywood, FLTwo money managers in Hollywood, Florida, are facing charges of stockbroker fraud under allegations that they conned two elderly women out of more than $100,000 over the course of five months.

span itemprop="image" itemscope itemtype="https://schema.org/ImageObject" style="display:block">The two women, nonagenarian sisters who "lack the capacity to make sound decisions concerning their health," according to police reports, were slowly drained of their money by the exorbitant planning and consulting fees of Tyrone Javellana, 45, and Cynthia Franke, 48.

Police were alerted to the scheme when one of the women's sons caught wind of his mother's changing finances. Officials claim that they caught the fraud early, before the two schemers could tap into the sisters' immense wealth.

"At this point, we nipped it in the bud,'' William Black, an estate planning attorney working with the sisters, told the Miami Herald. "There may be a few dollars that are gone, but not enough to affect her standard of living.''

Javellana and Franke, an accountant and stockbroker, respectively, befriended the sisters years before persuading them to grant Javellana power of attorney, at which point large checks began to appear in the sisters' names.