John V. Heath Pleads Guilty to Theft From Elderly Client with Alzheimer's

Former financial advisor, JOHN V. HEATH (CRD# 2331052), 45 years-old, from Edina, Minnesota, pleaded guilty this week to identity theft.  Heath admitted to cheating an elderly man out of more than $200,000. He agreed to a 41-month sentence, and will serve the first two-thirds in prison and the remainder on supervised release.
According to the complaint, also what Heath himself has admitted, John V. Heath's 88-year-old client with Alzheimer's, and who also had a stroke in 2013, set up an annuity with Jackson National Life that grew to $220,000.  Last year the address and email account that belonged to Heath were added to the client’s annuity account.  Without notifying the client, Heath opened a checking account using the man's social security number, birth date, and driver's license number, along with Heath's home address and phone number, and the e-mail address.
Heath took $18,500 in September of 2015, from the annuity and deposited into the checking account. He made additional withdrawals until the remaining $194,172 was gone from the annuity in October of 2015.  Heath used the money on his own personal expenses.
As part of the plea deal, a second case in which he allegedly took thousands of dollars from an 83-year-old woman will be dropped against Heath.
John V. Heath was the sole proprietor of JVH Wealth Management in Bloomington, Minnesota.
FINRA has permanently barred John V. Heath from acting as a broker or otherwise associating with firms that sell securities to the public.  According to FINRA’s BrokerCheck, he was registered in the securities industry for 22 years.  Some of the firms John V. Heath was recently registered with were:
2/2011 - 03/2016 INDEPENDENT FINANCIAL GROUP, LLC - BLOOMINGTON, MN
07/2001 - 02/2011 QA3 FINANCIAL CORP. - BLOOMINGTON, MN
If you or a loved one were a victim of John V. Heath of Bloomington, Minnesota, and suffered financial losses, call Soreide Law Group for a no-cost consultation with a lawyer on the possibility of recovering your losses at: 888-760-6552.

We represent our clients nationwide before FINRA and operate on a contingency fee.