Central Coast advisor charged with defrauding investors

October 29, 2023

By KAREN VELIE

The Securities and Exchange Commission filed civil charges last week against a Central Coast investment advisor and the wealth management firm she co-founded for allegedly stealing $2.25 million from at least nine elderly female clients. As part of its case, the SEC froze Julie Darrah’s assets.

Darrah targeted elderly female clients, many of whom had come to rely on Darrah for their financial well-being, including one client who lives in a memory care facility, according to the complaint. She gained control of her victim’s assets by becoming their trustee, the signatory on their bank accounts, and by obtaining power of attorney over their property and accounts.

Based in Orcutt, Darrah concealed her scheme by, among other things, changing client account mailing addresses to her own address.

After absconding with her client’s funds, Darrah allegedly used the ill-gotten gains to buy real estate, pay personal expenses, buy luxury vehicles and buy and operate restaurant businesses at a loss.

Four businesses tied to Darrah closed abruptly on Tuesday: Cups & Crumbs, a coffee shop and bakery in Old Town Orcutt and Santa Maria; The Homestead, a deli in Old Town Orcutt; and Central Coast Specialty Foods, a deli in Lompoc.

The SEC’s complaint charges Darrah with multiple violations of the Securities Act. The complaint seeks to require Darrah to pay back her allegedly ill-gotten gains, prejudgment interest, monetary penalties, and permanent and conduct-based injunctions.