October 3, 2023
By: Dwayne Page
A 67-year-old Nashville businessman accused of financially exploiting a 74-year-old Smithville woman has been indicted by the DeKalb County Grand Jury. He was charged with similar offenses in Williamson and Rutherford counties.
Michael David Verble, a native of Livingston raised in Hot Springs Arkansas, was indicted in July for financial exploitation of an elderly adult. Verble’s professional background is listed as having experience in the health care, financial services and insurance industries.
Assistant District Attorney General Greg Strong told WJLE Tuesday that Verble took $3,500 from the Smithville woman to set up a trust account and never followed through. His bond on this charge is $10,000 and he is facing arraignment in DeKalb County Criminal Court. Verble is in TDOC custody in the Rutherford County jail.
The indictment alleges that “on or about October 2019, Verble did unlawfully and knowingly through the use of deception financially exploit an elderly DeKalb County woman in violation of state law.”
More than two years ago, special agents from the TBI’s Medicaid Fraud Control Division obtained indictments charging Verble with financially exploiting an elderly client in Rutherford County.
In that case, TBI began its investigation of Verble after receiving information from the Tennessee Department of Human Services Adult Protective Services. During the probe, agents determined Verble gained the confidence of an elderly client and manipulated a trust account that was established.
On August 4th, 2021 the Rutherford County Grand Jury returned indictments, charging Verble with one count of Financial Exploitation of an Elderly or Vulnerable Adult and one count of Theft.
Meanwhile an earlier Williamson County Grand Jury indictment against Verble included two counts of financial exploitation of an elderly person and theft of at least $10,000 but less than $60,000 resulting from what it alleged was his commission of fraud while operating a business.
“Mr. Verble committed these frauds while operating under the business Verble Estate Preservation and Advisors,” according to a Franklin Police Department news release. “Franklin Police Detectives began investigating this case in November 2019 after receiving a referral from Adult Protective Services.”
According to the Verble Estate Preservation and Advisors website at the time, the company offered financial advisement for seniors, specifically around social security payments.
“Our mission is to provide you with financial strategies that may create financial clarity and improve your quality of life. Making a strong commitment to families nearing or already enjoying retirement and building a lifelong relationship with them are tenets of our success,” the website read.