‘Family Elder Law’ attorney arrested, accused of gambling away clients’ trust funds

WINTER HAVEN, Fla. (WFLA) — Two months after Jason Penrod abruptly closed his “Family Elder Law” offices, he was walked into jail in handcuffs, accused of stealing nearly $2 million of his client’s trust fund money.

“This guy’s delusional among all of his other excuses,” said Sheriff Grady Judd at a news conference announcing Penrod’s arrest Thursday.

Penrod was arrested Wednesday evening on a charge of grand theft over $100,000 in Marion County, where Judd said he was “hiding out.”

Lawsuit: Family Elder Law attorney gambled away $1.75 million in client’s money

He was accused of gambling away $1.75 million stolen from a Pennsylvania family’s trust fund.

He cited a “raging” gambling addiction and mental health issues.

“The worst kind of criminal is the one that hides behind a coat and a tie and steals money with a law license or a professional license of any kind,” Judd said.

8 On Your Side has been covering the sudden closure of Family Elder Law since July, the same month Sheriff Judd said his office first received tips from clients’ worried about their missing money.

Leticia Labate spoke out at that time about her experience.

Her 91-year old mother had paid the law firm $4,500 just before it closed.

After 8 On Your Side shared her story, her money was refunded. Her mother died a few weeks later.

“This is not a disciplinary issue. This is criminality,” said Steve Labate, Leticia’s husband.

He said he and his wife are thrilled about Penrod’s arrest.

“Obviously that should not happen, especially from an attorney who has a legal obligation to look out for his clients,” said Labate.

The charges that led to Penrod’s arrest this week involve the same accusations laid out in a multi-million dollar lawsuit.

They allege Penrod transferred $1.7 million from a deceased Polk County man’s trust fund and gambled it away at the Hard Rock Casino in Tampa.

According to the sheriff’s office, Penrod’s bank accounts show he wired $1,207,120 directly to the Hard Rock Casino and also withdrew $24,511.45 from ATMs at that casino.

“He not only drained their account. He drained his personal accounts. He’s taking money away from his own family and children. The last we checked, he’s got $36 left,” said Sheriff Judd.

The sheriff said Penrod was surprised when he was picked up Wednesday night at an addiction recovery facility in Marion County and taken to jail.

“He said ‘Well, my lawyer was working that out with the state attorney’. News flash, this is how we’re working it out with the state attorney,” said Sheriff Judd.

Sheriff Judd said his office is investigating cases involving three other potential victims, including an elderly woman whose trust fund, left to her by her deceased son, was also allegedly gambled away.

“I can’t say that I was surprised,” said Brice Zoecklein of Penrod’s arrest. “The allegations that are in the complaint, which are a matter of public record, show that he completely betrayed the public trust in attorneys.”

Zoecklein’s law firm filed the lawsuit against Penrod on behalf of the children of David Anderson, whose $1.7 million was allegedly stolen.

In the complaint, it states Penrod flew to Pennsylvania in June to tell them about the state of their deceased father’s trust.

“I took your money. Not only did I take your money, I took $1.7 million. I wiped out the trust,” said Sheriff Judd, summarizing the conversation.

Penrod also penned a confessional letter.

“As a raging addict by this time, I self-justified my actions by thinking that I was temporarily loaning monies to myself and then would pay them back to the trust with interest. My compulsion was in overdrive, and it felt like I was watching a nightmare of myself in a movie…almost like an out of body experience,” said Penrod in the letter.

The beneficiaries are seeking more than $5 million in damages.

“They want to get financial recovery and they certainly deserve financial recovery for what appears to be an egregious theft of their inheritance,” said Zoecklein.

That letter is now part of not only the lawsuit but a criminal case against Penrod.

“He has set up the system, the process, the excuse, ‘oh I just need help. I need help’. What you need is a jail cell. What you need is accountability and responsibility,” said Sheriff Judd.

Richard Greenberg, who is representing Penrod in his disciplinary investigation by the Florida Bar, said he would not be representing him in his criminal case.

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