Online Staff Report
A husband and wife were named in a multi-count indictment for allegedly stealing at least $50,000 from an almost-90-year-old woman, Winnebago County State’s Attorney Joe Bruscato announced Thursday, June 12.
Gary Peterson, 70, and his wife, 68-year-old Kathleen Peterson, were indicted on 22 counts, including financial exploitation of an elderly person, conspiracy, and theft.
The charges stem from an investigation of the woman’s financial records. Peterson was introduced to the victim in the late 1990’s as an financial adviser. Police say the Petersons took at least $50,000 from the victim between 2010 and 2014 but the investigation is ongoing. Gary Peterson worked as a financial adviser/investor in the Rockford area from 2003-2012.
Financial exploitation of the elderly is a Class 1 felony punishable by a sentence of between four and 15 years in the Illinois Department of Corrections.
Conspiracy to commit financial exploitation of the elderly is a Class 2 felony punishable by a sentence of between three and seven years in the Illinois Department of Corrections. Theft is a Class 4 felony punishable by one to three years in prison.