A former Citigroup investment advisor with a love of small dogs and a fresh Florida tan was brought into a Manhattan court today to face charges for what prosecutors described as a $1 million-plus swindle from an elderly client.
Glenn Schwarzkopf was the 84-year-old man’s broker and allegedly pulled off the scheme by assuring the unnamed octogenarian his accounts were sound and growing while he actually used them as his personal piggy bank, forging checks and withdrawing cash regularly.
Schwarzkopf, 43, originally from Larchmont, has been living in Florida with his mother the past year and half, officials said. The well-coifed advisor turned himself in today and appeared before Manhattan Supreme Court Judge Charles Solomon in a purple shirt.
The judge asked what he did with the money he allegedly stole over a four-year period ending in January of 2011.
“Almost $700,000 went to his American Express bills,” said prosecutor Om Gillett. “It appears he’s spending it on rent, living expenses,travel, transportation and pet care.”
Several thousand dollars was spent on pet care for his three small dogs, she added. He also paid for a stay at the swanky Raleigh Hotel in Miami’s famed South Beach, prosecutors alleged.
“Not guilty, your honor,” were the only words Schwarzkopf spoke at his arraignment as his father, stepfather, brother and sister-in-law anxiously looked on.
The judge set bail at $350,000 bond or $150,000 cash.
“It’s a shock, a shock,” said his father Richard Schwarzkopf. “He was such a straight arrow his whole life.”
Schwarzkopf is divorced from Cheryl Calegari who was a public relations bigwig at Tommy Hilfiger and now works as a senior marketing director for Converse.
He’s charged with three felonies: grand larceny, criminal tax fraud and offering a false instrument for filing. He’s due back in court July 31st.
“Stealing from the elderly is a form of abuse that is on the rise and too often overlooked,” said Manhattan DA Cy Vance.