BELLEVUE, Wash. — Three people are facing charges of money laundering and theft after allegedly stealing more than $1 million from an 88-year-old woman in Bellevue. Three people were arrested July 28 following a police investigation into the victim’s finances.
The suspects are accused of obtaining power of attorney over the woman after she was diagnosed with a medical condition in summer 2024.
Bellevue police say the group took ownership of the victim’s Eastgate home, seized her investment portfolio and moved her into an assisted living facility before spending the illegal proceeds on themselves.
They sold the victim’s home, according to police,
The investigation into the alleged theft began after another family member noticed suspicious activity and contacted authorities.
Capt. Ryan Parrott of the Bellevue Police Department said the timeline of the scheme stretched back to the middle of 2024.
“This all started in June of 2024; in September, another family member steps forward and reports to adult protective services that, hey, something suspicious is going on,” Parrott said. “The money she had and her home had all been sold, and these people have bought a new home with this money and spent the money on themselves.”
The victim’s home on Newport Way SE was sold in October 2024 for nearly $1 million, according to Bellevue Police, as well as property sale records highlighted by Zillow.
According to investigators, the suspects also took control of the woman’s investment portfolio, which was worth approximately $200,000. They allegedly used the proceeds to purchase and renovate a new house in Kent and to launch a business.
The total financial loss was estimated at well over a million dollars, eventually leaving the victim with very little money. The police say the victim was forced to leave her assisted living facility due to a lack of funds, and she ultimately ended up in a state-run facility.
Parrott noted that the rapidly increasing property values in the area have made older residents with valuable real estate a potential target for financial crimes.
He described the city as having a significantly vulnerable population that has lived in their homes for decades while local market values rose.
“While we have a young entrepreneur tech industry, we also have people that have been here for a number of years and have lived here,” Parrott said. “The property values here in the city of Bellevue have grown astronomically, and there is a lot of money that can be made if you take someone’s home, ‘quick deed’ it to yourself, and sell it. So, there is a lot of potential for financial theft there.”
The three suspects are scheduled to appear in court Wednesday morning.
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