Attorney General Becerra Files Charges Against El Dorado Hills Man, David William Reimers, for $2 Million Financial Fraud and Elder Abuse Scheme
SACRAMENTO – California Attorney General Xavier Becerra today announced the arrest and arraignment of David William Reimers, 52, of El Dorado Hills in El Dorado County, on 126 felony charges involving financial fraud against numerous elderly victims. The Attorney General’s complaint alleges that David Reimers solicited more than $2 million from elderly investors under false premises through his financial advising company, Reimers Financial. The defendant allegedly promised investors a guaranteed return, but instead of investing their money, he diverted the funds for personal gain. The defendant was arraigned today in El Dorado County Superior Court.
“Financial fraud against elderly Americans is far more common than we would like to believe. What David William Reimers is accused of doing demonstrates a level of immorality that destroys lives,” said Attorney General Becerra. “June is Elder Abuse Awareness Month, and at the California Department of Justice we will do our part to help the five million older adults who are targeted for financial exploitation each year. In David Reimers’ case, we intend to vigorously pursue his prosecution and conviction.”
Defendant Reimers’ arrest is the result of an investigation conducted by Special Agents from the California Department of Justice’s Bureau of Investigation. The investigation was initiated following a complaint about potential fraud committed by the defendant. According to the complaint, on occasions when Reimers’ victims would request to withdraw money from their investment accounts, Reimers would use other investors’ money to cover the withdrawal, thereby misleading victims into thinking their investments were safe.
It is important to note that a criminal complaint contains only allegations against a person. Every defendant is presumed innocent until proven guilty.
If you suspect someone of engaging in financial exploitation, please contact your local police department.
A copy of the complaint is attached to the electronic version of this release at: oag.ca.gov/news.