A Colorado investment advisor will pay a $385,536 fine for allegedly misappropriating an elderly client’s assets for personal reasons, including the repayment of debts and expenses related to his vacation home.

Steven D. Rodemer, 68, of Colorado Springs, Colo., was ordered to pay civil penalties as part of a final judgment by consent entered Wednesday in the U.S. District Court for the District of Colorado.

Rodemer, a four-decade veteran of the financial services and investment industries, was most recently a registered representative and an investment advisor representative with Stifel, Nicolaus & Company.

According to the SEC, Rodemer misused client funds while acting as an investment advisor and power of attorney for an elderly, widowed advisory client. During the eight-year period in which he acted as advisor, he misappropriated $451,889 of that client’s funds and used them for a variety of personal expenses, including construction and maintenance of a vacation home in Breckenridge, Colo.; payment of insurance premiums; the funding of an undisclosed brokerage account in his wife’s name; credit card payments; and miscellaneous, everyday expenses like gas and groceries.

The SEC reports that Rodemer’s conduct continued even as he became aware that he had attracted the attention of his parent firm and was in the process of being investigated.

When Stifel confronted Rodemer about his conduct, the SEC alleged that he met with his client and had her sign a statement, which he had himself prepared, noting that he had discussed with her his wrongdoing and identified the circumstances of his misappropriation. However, the SEC also found that this statement was incomplete and misleading, only disclosing some of the transactions that misappropriated funds.

As a result of its investigation, Stifel suspended Rodemer and ultimately terminated him in January of this year. On March 26, the Financial Industry Regulatory Authority barred him from associating with any Finra member firm in any capacity since he had refused to appear for testimony in connection with its investigation into his misappropriation.

The SEC charged Rodemer with fraud in violation of the Investment Advisers Act of 1940. A final judgment by consent is the civil law equivalent of a plea bargain in criminal law—as part of the judgment, Rodemer consented to pay the $385,536 civil penalty and accepted an injunction preventing him from future behavior in violation of the 1940 act’s antifraud provisions.