Fmr. CPA found guilty of stealing $580K for classic cars, an airplane and lake property
COLUMBIA, SC (WIS) - A former Midlands certified public accountant has been found guilty of stealing approximately $580,000 from an estate in which he had named himself executor.
United States Attorney Bill Nettles announced 61-year-old Joseph Glenn Folsom, Jr., of Camden, was convicted of four counts of interstate transportation of stolen money following a three-day trial in Columbia that concluded Wednesday.
Nettles said evidence presented at the trial established that Glenn Folsom prepared the taxes for "E.F." and her husband for thirty years. "E.F." requested Folsom to draft her will in December 2006. He did so, naming himself as the executor. When she died ten months later, Folsom used his power as executor to steal funds from the estate and buy classic cars, an airplane, and lake property for himself.
"The United States Attorney's Office will continue to prosecute those who abuse the trust placed in them by our most vulnerable citizens, in this case, an elderly woman and her family," said Nettles. "We are grateful for a system of justice that holds Glenn Folsom and those like him accountable for their actions."
"We are pleased by the resolution of this matter," said David A. Thomas, Special Agent in Charge of the FBI "This individual betrayed the confidence and trust placed in him, and the financial losses in this case were staggering. We will continue working with our partners to identify and stop those who line their own pockets at the expense of others."
Folsom faces up to 10 years in prison and/or a fine of $250,000.
United States District Judge Joseph F. Anderson, Jr., will sentence Folsom at a later date.
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