Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Hudson man sells couple's investments for own profit, deputies say

HUDSON — An insurance agent is accused of selling expensive investments to a retired couple, costing them $200,000 in various charges while he racked up commission fees, the Pasco County Sheriff's Office said.

The couple, in their 70s, had amassed $1.3 million in investments by the time the husband was diagnosed with Alzheimer's disease in 2008, the Sheriff's Office said. Overwhelmed with the responsibility of managing those funds, the wife turned to Richard Carter, 52, for help.

Detectives said Carter engaged in "a systematic pattern of 'twisting' " — persuading the wife to sell some of their investments to buy other products that gave him a nice commission. Those sales triggered surrender charges that ate into the couple's nest egg.

Between January and April 2010, Carter had the wife sign paperwork without explaining the transactions, detectives said. English is not her native language, and her ability to process events diminished as she began chemotherapy, the Sheriff's Office said.

The wife hired new financial managers last year, and Carter shuffled the couple's money into other investments so he could collect fees and prevent the new managers from controlling the accounts, the Sheriff's Office said.

The sheriff's Economic Crime Unit and the Florida Department of Financial Services launched an investigation, culminating Tuesday with Carter's arrest.

Carter "admitted he benefitted from the commissions and acknowledged causing the huge surrender charges, but claimed he was protecting the victims' investments from other money managers," a Sheriff's Office report said.

Carter, of 7330 New York Ave., was charged with scheme to defraud. He was released from the Land O'Lakes jail on $5,000 bail.

Authorities say the full $1.3 million has been returned to the wife. Her husband passed away during the course of the investigation.

Hudson man sells couple's investments for own profit, deputies say 10/20/11 [Last modified: Thursday, October 20, 2011 8:26pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Lockdown: Florida's 97,000 prison inmates confined through weekend

    State Roundup

    All of Florida's 97,000 state prison inmates are on lockdown — and will remain confined to their dorms at least through the weekend — in response to unspecified threats about possible uprisings, officials from the Florida Department of Corrections confirmed Thursday.

    Blackwater River Correctional Facility. [Florida Department of Corrections]
  2. Rays Kevin Cash: "We've got to turn it around. ... Time is of the essence"

    Blogs

    The question to manager Kevin Cash was about a rematch with the Mariners this weekend at the Trop, but he made clear this afternoon that with his Rays losing nine of their last 12 that they have to treat every game as essential.

    "We've got to turn it around,'' Cash said. "You can only delay it for so long and …

  3. Should kindergartners be encouraged to conform to peer pressure? One Pasco school suggests so

    Blogs

    A Pasco County elementary school came under fire on social media Thursday for its new behavior expectation charts that suggest conforming to peer pressure is positive, and that running in school is anarchy.

    Deer Park Elementary School has posted this chart of student expectations. Some parents have complained about its terms, such as the suggestion that conforming to peer pressure is positive.
  4. Carnival announces five more cruises from Tampa to Cuba

    Tourism

    TAMPA — Carnival Cruise Line is adding five more cruises from Tampa to Cuba in 2018, Port Tampa Bay announced Thursday.

      Carnival Cruise Line announced additional cruises to  Cuba. Pictured is its Paradise cruise ship departing on its inaugural voyage to Cuba from Tampa. | [MONICA HERNDON | Times]
  5. Lightning wing J.T. Brown on why he donated to remove Confederate statue

    Blogs

    Lightning wing J.T. Brown was back in his Minneapolis offseason home over the weekend when he saw on TV the violent protests in Charlottesville over the removal of a Confederate statue.

    J.T. Brown decided to get involved, donating $1,500 to assist in removing a Confederate statue in Tampa.