Sunday, 5 July 2015
Last updated 1 day ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…