Effingham County Man Accused of Elder Financial Exploitation

A federal grand jury charged Edward L. Stief, Jr., 41, with five counts of wire fraud, one count of mail fraud, and one count of monetary transaction in criminally-derived property.

“Financial exploitation of vulnerable populations is deplorable, and the Department of Justice is committed to supporting victims and combatting elder abuse in its many forms against offenders intent on enriching themselves at another’s expense,” said U.S. Attorney Rachelle Aud Crowe.

According to the charging document, Stief convinced the victim to appoint him as his Financial and Healthcare Power of Attorney in May 2023.  In October 2023, Stief persuaded the victim to leave a nursing home facility and move into his full-time care.  Stief was a signatory on the victim’s bank accounts, talked the victim into cashing out life insurance policies, and deposited most of the victim’s money into Stief’s personal bank accounts.

“Seniors are a particularly vulnerable victim group and are often specifically targeted for financial fraud,” said FBI Springfield Special Agent in Charge Christopher Johnson.  “Criminals who exploit this vulnerability can wreak havoc on elderly victims’ financial, psychological, and physical well-being. The FBI encourages anyone who believes they are a victim of fraud or knows a senior who may be, to immediately report the incident to law enforcement.”

Stief is in federal custody pending a bail hearing scheduled for 1:30 p.m. on Aug. 29 at the federal courthouse in Benton.

An indictment is merely a formal charge against a defendant.  Under the law, a defendant is presumed to be innocent of a charge until proved guilty beyond a reasonable doubt to the satisfaction of a jury.

Convictions for wire and mail fraud are punishable by up to 20 years’ imprisonment, and monetary transaction in criminally-derived property is punishable by up to 10 years’ imprisonment.

The FBI Springfield Field Office is leading the investigation with support from the Effingham Police Department.  Assistant U.S. Attorney Kathleen Howard is prosecuting the case.

The National Elder Fraud Hotline is a service from the U.S. Department of Justice that helps victims over 60 years report crimes and access resources.  The hotline is available Monday through Friday, 10 a.m. until 6 p.m. ET, at 833-372-8311 or 833-FRAUD-11.  Callers can remain anonymous, and translation services are available.