POLK COUNTY, Fla. – Jason Penrod, a 47-year-old attorney known for his Family and Elder Law Firm with three offices, is facing serious criminal charges after allegedly embezzling millions of dollars from clients’ trusts.
The accusations stem from two complaints received in late July, which are still under investigation as authorities await bank records. However, further allegations have since emerged, painting a grim picture of financial misconduct.
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On August 2, a complaint was filed with the Pennsylvania State Police by a brother and sister who were beneficiaries of a trust left by their late father. According to reports, Penrod flew to Pennsylvania, met with the siblings, and admitted to stealing $1.7 million from their trust, which he had completely depleted.
Penrod reportedly told the victims that he planned to pay the money back but confessed that he had a gambling addiction, specifically at the Hard Rock casino in Tampa, which drove him to the theft.
Penrod claimed he had justified his actions to himself as a “temporary loan,” with the intention of repaying it with interest. He also cited various personal issues, including repressed memories, PTSD, trauma, and stress, as contributing factors to his behavior.
As the investigation progressed, authorities discovered that Penrod may have stolen from other clients as well. The number of victims could rise to at least four, with an additional $2 million unaccounted for, bringing the total alleged theft to around $4 million. Penrod has been charged with one count of first-degree felony theft, a crime that could carry a sentence of up to 30 years in prison.
Penrod has since surrendered his law license, but later attempted to retract that decision, arguing that without his law practice, he would be unable to repay his victims. Authorities, however, are not sympathetic to his claims.
“This guy’s delusional,” said Polk County Sheriff Grady Judd. “We’re going to do our very best to send him to state prison for a very long time.”
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The case took an even more upsetting turn when it was revealed that one of the victims was a 93-year-old woman who had recently lost her husband and two sons. One of her sons had set up a trust to support her, but Penrod allegedly drained that money as well, using it to fuel his gambling addiction. Penrod, by his own admission, spent the stolen funds at the Hard Rock casino.
Authorities are continuing to investigate, with concerns that more victims may emerge, including individuals who are unaware their trusts have been wiped out because payouts haven’t yet been scheduled.
Sheriff Judd did not mince words when describing Penrod: “He’s not mentally ill, he’s a thief. The worst kind of criminal is the one who hides behind a coat and tie and steals money using a law license. He has ruined people’s lives.”
In closing, Sheriff Judd had a final message for Penrod: “You’re not going to have a royal flush, but you’ll have a jailhouse flush. That’s a guarantee.”
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