• BREAKING NEWS ABC shows live and on-demand -- Download the WATCH ABC app!

Newbury Park financial planner accused of embezzlement

A map indicates the location where Rod Hormell, a financial planner, was arrested in the 900 block of Broadbeck Drive in Newbury Park on Tuesday, Feb. 19, 2013.

February 21, 2013 12:00:00 AM PST
A Newbury Park financial planner was arrested for allegedly embezzling money from an elderly client.

Last October, a family member of the victim contacted the Ventura County Sheriff's Office, saying Rod Hormell was embezzling money from the 89-year-old victim. Hormell was working as the victim's financial planner at the time.

Upon further investigation, detectives found sufficient evidence to arrest Hormell for financial elder abuse and money laundering. The 56-year-old was arrested on Tuesday at his home in the 900 block of Broadbeck Drive in Newbury Park.

Authorities fear there may be more victims. If you have further information about Hormell, you're urged to contact Crime Stoppers at (800) 222-TIPS (8477).