A financial adviser already under investigation by a Louisiana credit union for suspicious check deposits has been charged with making illegal withdrawals from a client’s retirement account.
John Larry Gathright of West Monroe, La. has been charged with money laundering involving the alleged theft of more than $1 million from 11 of his clients, according to The News Star.
In the Sept. 14 arrest warrant, a man said Gathright held the power of attorney for his 75-year-old mother. He said more than $200,000 had allegedly been taken from her retirement account between July 2010 and March 2011. The cashier checks for Gathright were made out to Merrill Lynch, the publication reported.
The $138 million Ouachita Valley Credit Union in West Monroe said Gathright had already been investigated for allegedly depositing suspicious third-party checks that started showing up on June 1, the article read.
According to the arrest warrant, Gathright allegedly spent large sums of money on international hunting trips, hunting gear and watercraft.
Gathright was arrested and charged with two counts of bank fraud, one count of money laundering, five counts of felony theft, five counts of forgery and one count of theft of assets from another person, the publication said.