LAKE WALES, Fla. (CBS12) — An attorney is accused of stealing over $1.7 million from the trust fund of a dead person and then gambling the money away at a casino in Tampa.
Jason Penrod of Family Elder Law Firm in Lake Wales was arrested by Marion County deputies on a warrant issued by the Polk County Sheriff’s Office (PCSO). Penrod faces multiple counts of felony grand theft.
According to PCSO, Penrod’s arrest stems from an ongoing investigation after he was found to have stolen over $1.7 million from the Living Trust of a dead person in Polk County.
At the time of his arrest, deputies say Penrod was distraught, claimed he had lawyers handling the issue and refused to speak with detectives, PCSO says.
While detectives investigated, it was learned that Penrod flew to Pennsylvania to confess his theft to the adult son and daughter of one of his dead clients. Deputies allege that Penrod wrote a letter to the son and daughter stating he was dealing with mental and personal stress, and to cope he would gamble. He explained his gambling had gotten so bad he exhausted all of his family savings and his law firm’s profits.
Penrod explained to the two siblings that he would transfer funds from their trust account into his personal account so he could gamble at the Seminole Hard Rock Casino.
Detectives with Polk County learned that Penrod would visit the Seminole Hard Rock Casino in Tampa multiple times a year where he lost over $1.7 million. Penrod’s bank records showed he stole $1,705,000 from the victim’s trust account and put it into his own personal bank accounts. Deputies say, so far, his bank records show Penrod wired $1.2 million to the Hard Rock casino and also withdrew $24,511.45 from ATMs at the Hardrock.
PCSO’s investigation also found that a former associate of Penrod had discovered the misuse of client funds and reported him to the bar association. Penrod has since reported himself to the Florida State Supreme Court for misuse of funds from two clients’ trusts.
Detectives are still investigating his finances.
Deputies believe he may have stolen money from other victims.
