Widow claims action by financial advising group, owned by Danville mayor, allowed her accounts to be ‘pillaged’

Published 5:29 am Wednesday, February 24, 2021

Encompass Financial Advisors LLC and its owner, Mike Perros, are being sued by a Danville woman for allegedly allowing unauthorized access to her personal accounts, where more than $90,000 was eventually depleted.

The suit was filed by Audrey Walter on Feb. 15, on behalf of herself and her three children, in Boyle Circuit Court against the company and Perros, who is also mayor of Danville.

Court records show Walter claims the business allowed her late husband, Matthew Walter, access to her accounts and others opened for the benefit of their minor children, over the course of several years.

Walter’s husband died unexpectedly last year. Records show as Walter was getting the estate in order, “Ms. Walter unfortunately started discovering a series of financial irregularities in her own accounts and those opened for the benefit of their minor children.”

The suit alleges that Walter found evidence “of acts that Mr. Walter had undertaken without her knowledge or permission, and at times, in her name without her consent, or with the assistance of others such as Perros and Encompass.”

Walter claims she immediately asked the business and Perros for copies of all document and records, however that “to this day,” she has not been provided those.

The suit states Walter opened a personal investment account and a Roth IRA, and three Uniform Transfer to Minors Account (UTMA) for their children. It alleges that Perros and Encompass began allowing Matthew Walter access to the accounts almost immediately after they were opened, in violation of the fiduciary obligations owed to Walter.

“By granting Mr. Walter unauthorized access to the accounts, Perros and Encompass allowed Mr. Walter to change the address on the accounts to which statements were mailed and allowed Mr. Walter to change the custodian of the UTMA accounts such that Mr. Walter became listed as the sole custodian of those accounts and Ms. Walter’s status as custodian was removed entirely.”