A Polk County, Florida, attorney was arrested for stealing nearly $2 million from a trust set up for a Pennsylvania brother and sister by their now-deceased father.
Polk County Sheriff Grady Judd said during a press conference on Thursday afternoon that 47-year-old Jason Penrod of Family Elder Law has been arrested and charged with first-degree felony grand theft of over $100,000.
Judd said that his office had received complaints on July 25 and July 29 about Penrod that are still under investigation and pending the return of bank records.
But on Aug. 2, a complaint was filed with the Pennsylvania State Police, accusing Penrod of ripping off a brother and a sister who had a trust from their now-deceased father.
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Jason Penrod is charged with grand larceny of over $100,000. (Polk County Sheriff Facebook)
Judd said that Penrod had flown to Pennsylvania to look the trustees in the eye and say, “I took your money. Not only did I take your money, I took $1.7 million. I wiped out the trust. But I’m going to pay it back.”
The sheriff also said Penrod told the siblings he had a gambling addiction and gambled the money away at the Seminole Hard Rock Casino in Tampa.
After Penrod blamed the loss of money on his gambling addiction, he then said he would pay it back with interest like a “short-term-loan,” Judd said.
Polk County, Florida Sheriff Grady Judd said during a press conference that attorney Jason Penrod swindled over $1.5 million from a trust for a pair of siblings in Pennsylvania whose now-deceased father had set up. (Polk County Sheriff Facebook)
The suspect also allegedly provided a litany of excuses, Judd explained, saying that he had repressed memories, post-traumatic stress disorder (PTSD), trauma, numbness and stress.
When Penrod returned, he allegedly checked himself into a facility to be treated for his gambling addiction, and as the investigation continued, Judd’s investigators learned that there were at least two more victims, bringing the number of victims to four, and the total loss to about $4 million.
Judd said Penrod had agreed to give up his law license before refiling so he can make the money to pay it back.
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Polk County Sheriff Grady Judd alleged that attorney Jason Penrod gambled away millions of dollars put aside in trust funds. (Matthias Kulka)
“This guy’s delusional, among all of his other excuses,” Judd said.
The sheriff said his investigators and the state’s attorney are going to do what they can to send Penrod to prison “for a very long time.”
The one crime he has been charged with so far, grand theft of over $100,000, carries a maximum prison sentence of 30 years.
Adding to the number of excuses Penrod allegedly gave for draining the account, Judd said the suspect considered suing the Hard Rock for letting him gamble there.
“Now, you tell me that this guy doesn’t have a hitch in his giddy up,” Judd said. “He’s got about five brain cells, and three of them he left in the Hard Rock. And now, he’s locked up and going to prison. That’s our goal.”
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Polk County Sheriff Grady Judd said he plans to send to prison an attorney who swindled millions from a trust fund. (iStock)
Judd provided additional details about the alleged swindles that Penrod is accused of conducting.
One of the victims is a 93-year-old woman whose husband and two sons died. One of the sons had left his mother a trust to help take care of her. That money is now at the Hard Rock, according to Judd.
“Jason stole the money, and by his own confession, he was spending the money at the Hard Rock,” the sheriff said. “Now he’s trying to hide behind mental illness. He’s not mentally ill. He’s a thief. He’s an absolute thief.”
Judd said the investigation into Penrod is underway, and it is unknown how many other cases or victims there may be.
He also said there may be people who lost money and do not even know they lost the money because they get paid out only once or twice a year.
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Still, Judd alleges that Penrod stole millions of dollars.
“The worst kind of criminal is the one that hides behind a coat and a tie and steals money with a law license or a professional license of any kind,” Judd said. “So, at the end of the day, Jason, you’re not going to have a royal flush, but you have a jailhouse flush that’s guaranteed from us.”
