Polk County Attorney Jason Penrod Arrested for Grand Theft Amid Law Firm’s Sudden Closure
WINTER HAVEN – Jason Penrod, the owner of a Polk County law firm, was arrested on a charge of grand theft following the abrupt closure of his practice, Family Elder Law, in July. The arrest was made by Marion County Sheriff’s deputies on a Polk County warrant, Polk County Sheriff Grady Judd announced during a press conference on Thursday.
Penrod, 47, is accused of stealing nearly $1.8 million from a client’s trust fund. The theft came to light after a former associate attorney reported Penrod’s misuse of client funds to The Florida Bar. Following this, Penrod himself reported his actions to the Florida Supreme Court, admitting to the mishandling of funds from two clients.
The founder of Family Elder Law, a firm specializing in estate planning, asset protection, and Medicaid care, Penrod operated offices in Lake Wales, Lakeland, and Sebring. The law firm closed its doors suddenly in July without informing clients, leaving many without access to their legal documentation or services.
Grand Theft Charges and Criminal Investigation
Penrod’s grand theft charge, classified as a first-degree felony, stems from the theft of more than $100,000 from a client’s trust fund, specifically $1.8 million. According to Sheriff Judd, Penrod was arrested at an addiction treatment facility, where he was reportedly “hiding out.” If convicted, Penrod faces up to 30 years in prison and a $10,000 fine.
In addition to the current charge, Sheriff Judd noted that there are at least three more potential theft cases involving Penrod under investigation. Detectives have been working to gather evidence and identify other possible victims of his alleged criminal activity.
Lawsuit Filed Over Misuse of Client Funds
Penrod is also facing a civil lawsuit in Polk County, in which he is accused of diverting nearly $1.8 million from a client’s trust fund into his personal account. The funds belonged to the family trust of David D. Anderson, a Polk County man who passed away in 2021. Anderson’s children, Charles Anderson and Sherry Prevoznik, who are the sole beneficiaries of the trust, filed the lawsuit after Penrod confessed to them that he had taken the money and used it for gambling.
Penrod allegedly drafted Anderson’s living trust in 2014 and, as the designated successor trustee, gained control of the trust after Anderson’s death. In a written confession provided to the family, Penrod admitted to depleting the trust fund and revealed that he had lost the money gambling at the Seminole Hard Rock Casino in Tampa.
In his confession, Penrod described himself as a “raging addict” and cited unresolved childhood trauma as a factor contributing to his compulsive gambling. He asked the family for forgiveness and proposed a repayment plan spread over ten years, offering quarterly payments through a promissory note.
The civil lawsuit, filed on August 21, accuses Penrod of conversion, civil theft, and breach of trust, seeking damages exceeding $50,000. Additionally, the plaintiffs are seeking Penrod’s removal as trustee of the fund.
Investigations Reveal Massive Gambling Losses
The Polk County Sheriff’s Office confirmed that Penrod had frequented the Seminole Hard Rock Casino several times this year, losing over $1.7 million gambling. Financial records indicate that Penrod had wired $1.2 million to the casino and withdrawn an additional $24,000 from ATMs on the property. Investigators have been unable to locate any significant funds that could be used to repay the clients he stole from, with Sheriff Judd revealing that Penrod had only $36 in his personal bank account at the time of his arrest.
Disciplinary Action and Potential Disbarment
Penrod has also petitioned the Florida Supreme Court for disciplinary revocation, which would revoke his license to practice law in Florida. If granted, this would terminate all pending disciplinary cases against him, although it would not impact the ongoing criminal proceedings.
The Florida Bar, which oversees attorney conduct in the state, has confirmed that disciplinary charges against Penrod are pending. Penrod’s petition for revocation would allow him to reapply for admission to the Bar at a later date, though such actions are typically rare following such serious allegations.
Fallout from the Case
Penrod’s arrest has sent shockwaves through the Polk County legal community. Before his legal troubles, Penrod had been a prominent figure in Lake Wales, having served on various community boards, including the Lake Wales Noon Rotary Club and the Lake Wales Public Library.
Despite Penrod’s defense that his actions stemmed from a severe gambling addiction, Sheriff Judd expressed skepticism. “He’s got every excuse in the world,” Judd said, doubting the legitimacy of Penrod’s claims regarding addiction and childhood trauma.
This case has brought attention to the issue of gambling addiction among professionals and the legal risks that accompany such behavior. Eric Randazzo, a consultant with the Florida Council on Compulsive Gambling, noted that compulsive gambling often leads to illegal activities like embezzlement or theft, especially when individuals find themselves in financial ruin due to their addiction. Randazzo described gambling addiction as a “hidden addiction” that worsens over time and can have devastating consequences for both the individual and those they victimize.
In The End…
Penrod’s fall from grace, from a respected attorney to a criminal defendant, is a cautionary tale about the dangers of addiction and the severe impact it can have on professional integrity. As his legal battles continue to unfold, the Polk County community awaits further developments in both his criminal case and the resolution of the civil lawsuit. For the victims, however, the road to recovery—both financial and emotional—remains long.