Columbia Professor Accused of Swindling Elderly Man Out of $1.3M for Greek Home

Lawsuit alleges psychiatrist exploited 72-year-old's vulnerabilities after stroke to fund personal real estate purchase.

Apr. 11, 2026 at 1:05pm

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An extreme close-up photograph of a stack of $100 bills against a pitch-black background, lit by a harsh, direct camera flash, conceptually representing the financial exploitation at the heart of this crime story.A lawsuit alleges a Columbia professor exploited an elderly man's vulnerabilities to swindle him out of $1.3 million.NYC Today

A Columbia University psychiatry professor is accused of romancing and swindling a frail, retired 72-year-old Wall Street executive out of $1.3 million to purchase a home in Greece, according to a lawsuit filed by the man's family. The family claims the professor, Maria Karayiorgou, took advantage of the man's diminished mental state after a 2018 stroke to manipulate him into transferring the funds for the Greek property, which was solely in her name.

Why it matters

The case highlights concerns about elder financial abuse, particularly by those in positions of trust and authority. It also raises questions about oversight and accountability for faculty at prestigious institutions like Columbia University.

The details

According to the lawsuit, Karayiorgou, then 57, allegedly embedded herself in the life of Frank Watrous Hamilton III after meeting him in 2021 or 2022, shortly after his debilitating stroke. The family claims the 'accomplished psychiatrist' should have recognized Hamilton's 'vulnerable' and 'disoriented' state, but instead used an intimate relationship to pressure him into funding the purchase of a $1.3 million home in Athens, Greece. Over several months, Hamilton reportedly wired Karayiorgou the full amount, despite an unspoken agreement to put the property in both their names.

  • In April 2022, Hamilton wired Karayiorgou $100,000 for the Greek home.
  • In May 2022, Hamilton wired Karayiorgou an additional $1.2 million for the $1.3 million property.

The players

Maria Karayiorgou

A professor emerita of psychiatry at Columbia University who is accused of swindling a 72-year-old man out of $1.3 million to purchase a home in Greece.

Frank Watrous Hamilton III

A 72-year-old retired Wall Street executive who suffered a debilitating stroke in 2018 and was allegedly exploited by Karayiorgou.

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What they’re saying

“'Dr. Karayiorgou was embedding herself into Hamilton's life to take advantage of Hamilton's impaired state, earn his trust, and manipulate him, with the goal being to take his assets for her benefit.'”

— Hamilton's son

What’s next

The family's lawyer is seeking to recover the $1.3 million that was transferred to Karayiorgou for the Greek property.

The takeaway

This case highlights the vulnerability of elderly individuals, particularly those with diminished mental capacity, to financial exploitation by those in positions of trust. It raises concerns about oversight and accountability for faculty at elite institutions like Columbia University.