Police in Wayne New Jersey arrested a local man accused of defrauding a woman out of her retirement savings.
The deception and theft reportedly occurred between April 2012 and July 2012. According to Passaic County prosecutors, the suspect stole the money from a woman whom he met on an Internet dating website.
After forming a relationship with the victim, the suspect allegedly convinced her to let him invest cash from her 401(k). He reportedly promised to get her a six-percent annual return on her money. However, the suspect allegedly used the money for his own personal expenses and never actually invested it.
Over a three-month period, the victim reportedly gave approximately $200,000 to the suspect. Additionally, the victim reportedly let the suspect use her credit card to make purchases.
The 45-year-old suspect, who lives in Wayne, NJ, has been charged with theft by deception and theft by failure to make required disposition.
If the suspect is ultimately convicted on the theft by deception charges, he faces severe penalties. The large amount of the alleged theft means that the suspect could potentially be sentenced to 25 years in New Jersey State Prison.
To learn more about this case, read the NJ.com article, “Wayne Man Accused of Stealing $200K from Woman He Met on Dating Site.”