WARREN - A financial adviser from Cortland accused of bilking nearly $50,000 from an area elderly woman dating back to 2011 pleaded not guilty at his arraignment in Trumbull County Common Pleas Court on Thursday.
Orlando Montoya, 37, of 3309 Trappers Trail, remained at the Trumbull County Jail in lieu of $20,000 Thursday afternoon.
He is charged with one count of felony theft from an elderly person. He is due back in court for a preliminary hearing later this month.
Proscutors said the Shelby Donley, 76, of Mineral Ridge, gave Montoya money he was suppose to invest into annuity and insurance policies on her behalf. Instead, he had her write out personal checks to him, which he then invested into his own bank account.
Prosecutors said the process started in 2011 when Montoya was working for Western Southern Life in Youngstown, but continued when he took a new job at at New York Life Securities in Boardman.
Prosecutors said the investigation was launched after the woman's son questioned Montoya about why they had not received statements regarding her investments. A grand jury secretly indicted him recently.
Montoya's license has been revoked and the companies he worked for paid repaid Donley the money he allegedly stole from her.
Assistant Trumbull County Prosecutor Gabe Wildman said Montoya could face up to between two and eight years in prison.
Tribune Chronicle news partner WYTV Channel 33 contributed to this report.