SANTA ROSA, Calif. (KRON) — Santa Rosa Police announced a 73-year-old Santa Rosa woman was the victim of financial fraud after a former IRS agent defrauded the woman out of more than $1 million over the course of seven years.
According to the police, the victim initially reported the alleged fraud in December 2020 after she told authorities she had entrusted a significant amount of funds to an acquaintance to invest on her behalf.
The elderly woman told police she met the suspect in 2012 through a mutual friend.
Police identified the suspect as 77-year-old Elana Cohen-Roth, of Marina Del Rey, a former IRS Field Agent, and IRS Tax Auditor for allegedly running a Ponzi scheme.
Cohen-Roth currently works as an enrolled agent and tax return practitioner in Los Angeles.
“Based on the initial report, the Property Crimes Investigations Team suspected the victim had been defrauded of a significant amount of money and took over the criminal investigation,” said a press release.
In January 2021, the department’s Property Crimes Investigations Team obtained search warrants for the Marina Del Rey home of Cohen-Roth and at her place of business.
Detectives were able to collect boxes of financial documents and correspondence.
According to police, over the next year, detectives served multiple search warrants, combed through electronic communications and financial documents — in addition to conducting several victim interviews.
Detectives also audited numerous bank accounts and thousands of banking transactions over the course of several years for the victim and suspect.
In the end, detectives confirmed that the victim had lost more than $1 million to Cohen-Roth over a seven-year period.
According to police, the elderly woman believed she was investing her money into lucrative high-yielding investment opportunities.
When the victim no longer had any funds to invest and asked for her investments to be liquidated, the suspect’s demeanor and communications raised suspicions.
On Jan. 18, Santa Rosa Police detectives with assistance from the Los Angeles Police Department arrested Cohen-Roth at her Marina Del Rey residence and was booked into the LA Metropolitan Detention Center Jail and is expected to be transferred to the Sonoma County jail this week.
Authorities believe there are other victims of Cohen-Roth’s Ponzi scheme throughout the state.
If you believe you have been a victim of Cohen-Roth, you are encouraged to make a criminal report with the local jurisdiction you live in.
Any potential Sonoma County victims are encouraged to contact SRPD Property Crimes Detective Jeff Woods at JRWoods@srcity.org