A retired Internal Revenue Service agent is accused of stealing her friend’s life savings in a scheme, California prosecutors said.

Elana Cohen-Roth, 81, of Marina Del Rey was sentenced to 12 years in state prison in relation to a yearslong scheme, the Sonoma County district attorney’s office said in a May 9 news release.

“The victim’s years of hard work and lifetime savings are gone due to Ms. Cohen-Roth’s greed,” District Attorney Carla Rodriguez said in the release. “Unfortunately, the victim will never be made whole financially and her life is forever impacted.”

Attorney information for Cohen-Roth was not immediately available.

Years of ‘investments’

Cohen-Roth is accused of stealing from the Sonoma County woman over a seven-year period, prosecutors said.

In 2013, Cohen-Roth, “a retired IRS agent and professional tax preparer,” was working on the woman’s taxes, prosecutors said.

“They quickly became good friends,” prosecutors said.

Through their relationship, both personally and professionally, Cohen-Roth got access to the woman’s financial information, prosecutors said.

She told her friend “that while her investments were making some money, she could earn far more by investing with her,” according to prosecutors.

Cohen-Roth offered to invest her friend’s money in a real estate deal — one that would “earn at least 10% interest at ‘no risk,’ ” prosecutors said.

Given Cohen-Roth’s position and their friendship, the woman “completely trusted” the financial advice, prosecutors said.

Cohen-Roth’s “investment opportunities” continued, and the woman agreed to 20 “investments,” according to prosecutors.

The “‘investments’ ranged from $25,000 to $150,000 each and all carried the same promise of at least 10% interest at ‘no risk,’ ” prosecutors said.

With each incident, the woman liquidated her investments, then wired money to Cohen-Roth, thinking her money was being invested, prosecutors said.

Bank records reveal scheme

Cohen-Roth’s bank records, however, showed otherwise, prosecutors said.

She was instead “running a sophisticated Ponzi scheme,” wherein “investors” deposited large sums of money into her bank account, according to prosecutors.

Cohen-Roth used some of the woman’s money to pay those who “invested” with her earlier, prosecutors said.

She “used the rest to support her lavish lifestyle and make gifts to family members,” prosecutors said.

After the friend depleted all her investments by September 2019, she “took out a reverse mortgage to send additional money to Cohen-Roth,” prosecutors said.

Scheme falls apart

When the friend demanded some of her money back so she could relocate near family in 2020, “Cohen-Roth’s Ponzi scheme collapsed,” prosecutors said.

With no money to pay her friend, “the entire scheme fell apart,” according to prosecutors.

None of the woman’s money was ever returned to her, prosecutors said.

“The then-73-year-old victim went from owning her own home and having around $1,000,000 in investments to live on, to being financially destitute,” prosecutors said.

The woman couldn’t afford daily living expenses, “while Elana Cohen-Roth lived comfortably on the victim’s money,” prosecutors said.

The scheme left the woman “devastated financially and emotionally,” prosecutors said.

“The discovery that her dear and trusted friend turned out to be a con-artist who was just using her to satisfy her own greed was heart-wrenching,” prosecutors said.

A jury convicted Cohen-Roth of 23 felony financial fraud charges after a three-week-long trial, prosecutors said.

Because of her age, Cohen-Roth was given a 12-year prison sentence, as opposed to a maximum term of 28 years, according to prosecutors.