Sheriff's Detectives Arrest Man for Fiduciary Elder Abuse

Santa Maria- March 4th, 2010

Santa Barbara County Sheriff’s Detectives have arrested a Santa Maria man for bilking an elderly woman out of hundreds of thousands of dollars in a fraudulent real estate deal.

In March, 2007, 59-year old Earl Graham Ward III (DOB 1/9/51) convinced the 69-year old victim to invest $300,000 with him for the purchase of a commercial property. Ward promised the victim she would receive “12% interest only” on her investment, and to assure her, he paid her the first six months interest up front.

The victim trusted Ward because she had previous business dealings with him through his company, Award Properties. The day after she signed the papers on the latest deal, the victim learned that Ward had not invested in the commercial property, but instead listed the victim as a third signee on a residential property already owned by Ward and his then spouse.

Sheriff’s Detectives began an investigation in 2009 after the victim reported that Ward had never paid her anything after the six-month interest payment that he had given her up front; a payment that was funded by the victim’s original $300,000 investment. The property was eventually foreclosed upon causing the victim to lose her entire life savings.

During the several months-long investigation, Detectives learned that Ward had not given the victim required information and documentation that he is obligated to provide as her realtor. Based on the age of the victim at the time of the crime (66-years old), Detectives arrested Ward for Fiduciary Elder Abuse (368(d) PC).

Ward was booked into the Santa Barbara County Jail this afternoon on $20,000 bail. More charges are pending as the investigation continues.

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