Authorities late Monday arrested a Tampa man accused of operating a scheme to defraud a 71-year-old widow out of $19,000.
Moctor "Justin" Ndiaye, 36, allegedly took money from the woman to buy a high-yield annuity through Mutual of Omaha. However, state investigators said the victim's checks were never deposited into the annuity, but rather into an account in Ndiaye's name. If convicted, he faces up to 15 years in prison and a $10,000 fine.
"The number of complaints from Florida seniors about annuities has nearly quadrupled in the last three years," Florida Chief Financial Officer Alex Sink said.
Sink said the arrest underscores the need for the Safeguard our Seniors legislation she's promoted to create tougher penalties for those who defraud senior investors.