Florida Couple Nabbed In Hedge Fund Scam

May 15 2008 | 12:41pm ET

Authorities have arrested a Florida couple for swindling an elderly woman in a hedge fund scam, allegedly stealing a settlement she won after being victimized by another financial schemer.

John and Debra Morehart allegedly promised the woman they would invest her $199,000 settlement in a hedge fund. The two were aware of her settlement from a company selling unlicensed annuities to the elderly when they filled out a blank check taken from the woman, according to the Florida Department of Financial Services.

Instead of investing the money, the pair allegedly used it to buy a million-dollar house on Lake Tarpon, north of St. Petersberg.

The Moreharts were charged with conspiracy, grand theft and crimes against the elderly after their arrest last week. Both posted $115,000 bail.

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