Murrieta Man Sentenced to State Prison For Grand Theft, State Income Tax Evasion
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For Immediate Release
Sacramento – A Murrieta man was sentenced to eight years and eight months in state prison for embezzling more than $500,000, the Franchise Tax Board (FTB) announced.
Charles Fischer, 55, pleaded guilty in May to several counts including grand theft, elder abuse, and state income tax evasion. Two additional enhancements applied because of the amount of Fischer’s theft.
Fischer abused his position of trust as a financial advisor and embezzled the funds from one of his elderly clients over a five-year period. Part of Fischer’s fiduciary duties involved controlling his client’s investment and bank accounts. Instead, Fischer used the stolen funds to purchase items such as private schools and horses for his children, new homes and to pay off his personal credit cards. The theft was discovered when his client sought to purchase property, but could not provide documentation of his financial status. Fischer eventually came forward to admit that the client no longer had the financial capability to acquire any properties because Fischer had spent his client’s money.
Restitution in the amount of $1.3 million was ordered for the victim.
Fischer was immediately taken into custody.
Riverside Superior Court Judge Richard Fields handed down the sentence in Department 42 of the Riverside Hall of Justice. The case was prosecuted by Riverside County Deputy District Attorney Harold Anderson. This was a joint investigation between the Riverside District Attorney’s Office and FTB.
FTB’s criminal investigation program identifies and investigates cases of tax evasion and tax fraud to encourage compliance with California income tax laws and maintain the public trust.