A Sydney man has been found guilty of defrauding a veteran of more than $38,000 four years ago.

Court documents identify the victim as 72-year-old Edward Latulippe of Sydney.

Latulippe now lives in a special-care facility and his sister-in-law says his trusting nature would have made him an easy target.

“If he came across that amount of money and someone told him they needed it, or they could look after it for him or help him increase its value, he certainly would have went along with it,” says Tena Latulippe.

Latulippe received the money through a settlement with Veterans Affairs.

“That would have been a fortune to him, the kind of money he would never have had before, and to think someone would take it?” says Tena.

The court heard that 58-year-old Lawrence Borden convinced Latulippe any money he handed over would be invested and returned at double the amount.

But Borden blew through the money in about two months.

Mary MacKenzie owns a boarding house where Latulippe used to live and says someone stole from him on more than one occasion.

“Two guitars, his television, his car, anything he had,” she says.

During the trial, Borden testified that the veteran willingly gave him the money, and told him to spend it as he saw fit.

But the judge didn’t buy his story and convicted Borden of defrauding Latulippe.

Bernie Larusic, the president of a local seniors group, says the elderly are often targeted by scammers and should remain vigilant.

“We’re an easy target, even with the amount of information that’s out there saying not to do anything,” says Larusic.

Borden is due back in court for sentencing on Jan. 7.

With files from CTV Atlantic's Ryan MacDonald