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An 87-year-old Holocaust survivor experienced great sadness and financial loss when he became the target of an online romance scam that took away his entire savings of $2.8 million over a period of several years. That is the tragic story unfolding in a Manhattan courtroom as prosecutors have charged Peaches Stergo, also known as Alice, with wire fraud for allegedly orchestrating an elaborate ruse that took advantage of the elderly gentleman’s desire for companionship.
As laid out by prosecutors, Stergo initiated contact with the victim after meeting him on a dating website around 6 or 7 years ago. She gained his trust and began asking for money, starting in 2017, claiming she needed help paying her attorney to secure settlement funds she told him she was owed. Over the next 5 years, Stergo continued to spin an intricate web of deception despite the victim showering her with almost monthly checks, often worth $50,000 each. In total, he lost his entire life savings.
Meanwhile, Stergo did not actually use the money for any legal funds. According to the indictment, she went on lavish shopping sprees for Rolex watches, luxury vehicles like a Corvette, a boat, and even real estate, including a house and condo. She also purchased gold, silver jewelry, and designer clothing and funded her travel adventures on the victim’s dime.
The victim was completely unaware that his money was being siphoned away until last year when his son uncovered the truth about Stergo’s lies. The revelation was utterly devastating on multiple fronts. First, the victim lost nearly $3 million – his entire nest egg. Additionally, the emotional trauma inflicted on a Holocaust survivor who has already endured profound hardship is impossible to quantify but surely immense.
Sadly, the harrowing case is far from the only romance scam victimizing the elderly. As AARP warnings and FBI reports detail, these online frauds are skyrocketing. 2021 saw record losses nearing $547 million, up an astounding 900% from 2017 as calculated by the Federal Trade Commission. The elderly are exceptionally vulnerable targets thanks to their openness to finding companionship online paired with potential unfamiliarity spotting internet scams.
The United States Attorney’s Office for the Southern District of New York is hitting hard against Ms. Stergo, charging her up to 20 years imprisonment. While the outcome may offer some justice for the victim, it cannot undo the financial and emotional devastation already inflicted. Proactive protection and fraud awareness represent the best safeguards to help prevent such heartless deception.
As this painful case illustrates, romance scams unleash devastating real-world consequences preying on vulnerable individuals. Just one victim robbed of their life savings is one too many. By spreading an understanding of common online fraud tactics and watching elderly friends or family members who date online, young and old citizens can help guard against this despicable exploitation. If we fail to take action, countless more shattered hearts and bank accounts surely await.
