A man has been jailed for fleecing his elderly mother out her life savings of more than £250,000 while acting as her power of attorney.
What he spent the money on
Shameless Karl Zierold, 57, splurged the money on a failed business venture, cars and luxury holidays after his mother Ann, who has dementia and is still unaware he took the money, moved into a care home due to her declining mental health.
Manchester’s Minshull Street Crown Court heard how Zierold and his brother James, who played no part in Karl’s nefarious scheme, were granted a lasting power of attorney (LPA) over Ann in 2019.
It gave them the power to make decisions about the retired social worker’s money and property, while their sister Heidi was granted a health and welfare LPA due to her mental health issues.
Meghan Edwards, prosecuting, said Zierold told his family about a business scheme he wanted to invest in along with a partner.
His reason for his action
They were ‘resistant’ to using their mother’s money, which she’d saved so she wouldn’t be a ‘burden’ to them in her old age.
But Zierold went ahead with the investment anyway, later claiming it was ‘bridging loan’ that he intended paying back.
Questions were asked
Suspicions were raised when Ann’s ex-partner questioned why a car repair bill had gone unpaid, and her bank statements and cheque book were also found to be missing.
Zierold gave false excuses about ‘money being tight at the moment’, but when his brother James checked with the bank he found more than £200,000 had been withdrawn from their mother’s account and into the defendant’s, Ms Edwards said.
When James contacted Zierold, he told him: ‘Oh s***, I better tell you what happened.’
Zierold confessed that some money had been paid to a business partner Sam Evans as a ‘bridging loan’, but other spending only came to light after James reported his sibling for fraud to the Office of the Public Guardian, the body who makes decisions about LPAs.
It transpired that from early 2020 Zierold had spent money on shopping trips, a Mercedes GT, and holidays to Dubai and Mauritius – even paying for two rescue dogs and cats to be imported into the country.
He confessed his crime
‘His family had questioned how he could afford such luxury lifestyles as he was unemployed at the time,’ Ms Edwards said.
Zierold later wrote letters to family members admitting he’d taken his mother’s money.From her £251,132 savings, the court heard, £189,024 was given to Mr Evans, £7,448 spent on car bills, and £10,358 on holidays and days away.
Victim Impact Statement
In a victim impact statement, Zierold’s sister Heidi Morley described her mother, now 79, as a hardworking and dedicated mother who had brought up four children alone and offered foster care into her 60s.
She said her family had put their ‘trust’ in her brother and the breaking of that trust had resulted in a ‘whole host of financial complications’ and they had now lost the ability to manage the mother’s affairs how they wanted.
‘There’s a strong likelihood mum’s situation will not be financially resolved and Karl will never be able to pay back the money,’ she said.
