A civil lawsuit filed in Polk County, Florida, accuses attorney Jason Penrod of Family Elder Law of siphoning nearly $1.8 million from a trust fund meant for the children of a late client. The allegations claim Penrod squandered the money at the Seminole Hard Rock Casino in Tampa.
Penrod Admits Fund Transfers Fueled Gambling Addiction
Charles Anderson and Sherry Prevoznik, the beneficiaries of the trust, filed the lawsuit. They allege Penrod began moving the funds from their father’s David D. Anderson Trust over a period starting in October 2023, as highlighted by WFLA News Channel 8.
It is a dramatic twist; Penrod, who had crafted the trust back in 2014 and later took over as its successor trustee, confessed to his actions in a letter delivered to the plaintiffs in June 2024. Detailed in court documents, Penrod described himself as a gambling addict, attributing his destructive behavior to unresolved childhood trauma and post-traumatic stress. He sorrowfully admitted to repeatedly transferring the trust’s money into his personal account before it all disappeared into the casino’s coffers. In a regrettable domino effect, his law firm, Family Elder Law, subsequently shuttered its offices in Lake Wales, Lakeland, and Sebring in July without notifying clients.
A Heartfelt Confession and The Casino Tale of Ruin
In a strikingly candid confession, Penrod recounted how his gambling problem spiraled out of control towards the end of 2023. Over a matter of just three months, funds from the trust rapidly found their way to the casino tables, leaving the account almost completely drained by early 2024. The casino, a metaphorical black hole, consumed the funds swiftly. Penrod expressed a desperate hope of repaying the misappropriated funds through future earnings or asset sales, yet candidly acknowledged his financial difficulties compounded his plight.
High Stakes Lawsuit: Plaintiffs Demand $5.25 Million for Trust Fund Theft
The lawsuit not only petitions for over $50,000 in damages but also accuses Penrod of theft, misappropriation, and breach of trust. Furthermore, it calls for Penrod to be terminated as the estate’s trustee. In an attempt to mitigate the damage, Penrod proposed a repayment plan involving his life insurance policy, 401(k), and potential future profits from his law firm, which boasts an annual revenue of over $2 million.
However, the plaintiffs seek a substantial $5.25 million in compensation to recover the trust funds they lost. Making a high-stakes gamble of his own, Penrod requested a “disciplinary revocation” from the Florida Supreme Court. This would effectively revoke his legal license but leave the door ajar for him to reapply in the future. It’s crucial to note this move would halt any ongoing disciplinary actions by the Florida Bar but wouldn’t render Penrod immune from potential criminal charges—an eventuality as the Polk County Sheriff’s Office and the State Attorney’s Office persist in their investigations.
This narrative, filled with the high tension and unforeseen twists reminiscent of a dramatic poker game, not only reveals the devastating impact of gambling addiction but also underscores the complex legal and emotional fallout experienced by those left in its wake.
