SARATOGA SPRINGS, N.Y. (NEWS10) — A Saratoga Springs man was arrested for stealing over $260K from a person’s bank account, who he was acting on behalf of, according to New York State Police. Ivan Gerdwagen, 65, is charged with second-degree grand larceny.

On Tuesday, April 11, around 5:38 p.m., troopers received a complaint that over $260,000 was missing from the victim’s bank account. Police say an investigation determined Gerdwagen, who was acting as the victim’s power of attorney at the time of the theft, removed over $260,000 from August 2022 through January 2023 without permission or a justifiable purpose benefitting the victim.

Gerdwagen was arrested and processed at Mayfield State Police. He was taken to the Schenectady County Correctional Facility to await arraignment.