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Last updated on Wednesday, March 21, 2012
(INDIANAPOLIS) - An Indianapolis lawyer accused of cheating an Alzheimer’s patient out of hundreds of thousands of dollars and draining a family trust will plead guilty to theft.
51-year-old Stacy H. Sheedy who is also an accountant, will admit to two counts of theft in exchange for an eight-year sentence.
The investigation into Sheedy began last year after reported thefts from a guardianship account that supported an elderly widow with Alzheimer's disease who lived in a nursing home.
Investigators found Sheedy, who took responsibility for the guardianship account in June 2010, made at least 32 unauthorized withdrawals over the next six months totaling $172,000.
During the course of the investigation, investigators also examined Sheedy's role as trustee of a separate family trust, which she had served as trustee since November 2007.
A brokerage account within the trust started at $501,000 when Sheedy became trustee, but was drained to only $168 during her tenure, investigators said.
When family members asked why they were no longer receiving brokerage statements from the account, Sheedy told them she had invested the funds in a bond fund and periodically sent them statements from the Wealth Council Indiana Small Cap Bond fund, investigators said.
According to the Indiana Secretary of State's Office, no such fund exists.
Investigators said Sheedy made unauthorized withdrawals of $412,500 from the trust account.
As part of the plea agreement, Sheedy also agreed to release three seized bank accounts, as well as seized "Lord of the Rings" and other movie memorabilia.
Sheedy's sentencing is scheduled for April 26.
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