A Dade City, Florida man has found himself in jail on a charge of exploitation of the elderly after he allegedly spent $150,000 obtained from a bank loan that used his mother’s home as security.
According to the Pasco County Sheriff’s office, 47-year-old Thomas Davis spent the entire $150,000 on drugs, a hydroponic setup for growing marijuana and a $40,000 party for himself.
Davis allegedly confessed to family members that he had “dug a financial hole from which he couldn’t escape” when the bank began foreclosure proceedings on his elderly mother’s home.
When Davis’ father died in 2003, he was granted guardianship, including power of attorney, of his mother who was suffering from Alzheimer’s disease. During the period of her care, Davis did not keep any records of financial transactions, though debit card statements reveal numerous purchases at liquor stores and Wal Mart and number of PayPal and ATM transactions. In 2007 he also secured a line of credit on her bank balance.
Guardianship of Davis’ 87-year-old mother has now been transferred to his sister, who has started to make mortgage payments on the home.
Davis, an RV park resident, has since been charged with one count of exploitation of the elderly, and is being held in Land O’Lakes jail as he is unable to raise the $50,000 bail.