May 16th, 2008
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FINalternatives - 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.
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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.
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