A handsome ex-financier was thrown in jail Tuesday after admitting that his “greed and arrogance” led him to dupe his elderly client out of more than $1 million in order to fund his lavish playboy lifestyle.
Former Citigroup investment adviser Glenn Schwarzkopf admitted to lying to his 84-year-old client for four years that his investments were safe and growing, all while withdrawing cash from the victim’s accounts and using the money to party.
“I knew that my actions were both wrong and criminal and I chose to pursue them anyways. In short, I was greedy so I stole the money…I was arrogant,” said Schwarzkopf, 44, before he was sentenced to 2 1/3 to 7 years in prison.
“I believed it was a victimless crime since nobody was physically injured. I know better than that now,” said a remorseful Schwarzkopf.
Nearly $700,000 went to Schwarzkopf’s American Express card, which paid for food, booze and utilities, as well as luxe amenities like a stay at Miami’s trendy Raleigh Hotel and pampering for his beloved pooches.
“You understand obviously…it’s not a victimless crime certainly,” said Judge Charles Solomon. “You stole a lot of money and you’ll pay the price now.”
Before he was taken into custody, the silver-haired con artist threw up a devil’s horns hand gesture to family members sitting in the audience.
Schwarzkopf, who had a rampant cocaine addiction, stole the bulk of the money by writing withdraw slips and bank checks from the victim’s accounts payable to American Express. He also deposited two of the victim’s personal checks, for a total of $100,000, into his own account.
In March, Schwarzkopf pleaded guilty in March to grand larceny, tax fraud and offering a false instrument for filing charges. He must also pay back $128,000 in taxes and fines.
“It was a classic case of trying to keep up with the Joneses,” said defense attorney David J. Cohen.