Detectives allege investment counselor bilked $135K from South Huntingdon widow

A Fayette County man is accused of bilking an 82-year-old South Huntingdon widow out of $135,000.

Steven A. Hoffman, 46, of Fayette City was supposed to be investing the money for her since 2015, according to court documents.

Hoffman was arraigned this week on charges of theft, dealing in proceeds of unlawful activities, failing to make required disposition of funds and receiving stolen property by Westmoreland County detectives.

”The theft wasn’t discovered until the victim’s husband died in 2019 and she and her son attempted to contact Mr. Hoffman on the status of the couple’s investments,” Detective Will Brown said.

Brown alleges in court documents that Hoffman “avoided” providing the victim any information.

According to court documents, Hoffman is employed as an investment broker at GS National in Kennedy Township, Allegheny County.

Brown alleges that since 2015, the woman provided 12 checks totaling $135,000 that were expected to be invested or to purchase life insurance.

“It was discovered that Steven A. Hoffman endorsed each check and deposited each check into his personal checking account. The funds deposited by Steven A. Hoffman were then utilized for household and personal use by (Hoffman and his wife),” Brown wrote in court documents.

Hoffman’s wife is not charged.

Brown said in court papers that Detective Richard Kranitz and he interviewed Hoffman March 15 at his GS National office and after the detectives displayed copies of the woman’s checks that Hoffman had endorsed and deposited into his personal account he “began to cry.”

“Steve Hoffman proceeded to apologize and acknowledged that he had used the funds for his personal expenses,” Brown wrote in court papers.

Brown said in court documents that Hoffman told the investigators as a gesture of “good faith” he had $50,000 that he would pay the woman and indicated that he would eventually repay the rest of the money.

To date, Brown said Hoffman “has not paid her anything.”

The woman and her family hired Greensburg attorney Thomas Smith and filed a civil damage lawsuit against Hoffman and GS Insurance in 2020 seeking $900,000 for breach of contract. The civil lawsuit is pending in common pleas court.

Reached by telephone Thursday, Hoffman deferred comment to his private attorney, Michael Aubele of Uniontown.

“It’s only an allegation at this point,” Hoffman said before declining further comment.

Aubele declined comment.

Hoffman was released on recognizance bond pending a hearing July 27, according to court dockets.