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. Pasco targets repeat offenders with new code enforcement tactic

    Local Government

    HOLIDAY — The out-of-date and overpriced gasoline cost on the sign outside — $2.69 for a gallon of regular — is the first indication that business isn't booming.

    Basil A. Almamluk is the owner of the closed Pure Gas station in Holiday, which has emerged as a poster child for a new "high return'' county code enforcement effort. The property on Mile Stretch Drive is littered with discarded furniture and other trash. [Photo courtesy of Pasco County Sheriff's Office]
  2. Pasco tax roll shows increase, but so, too, are budget requests

    Local Government

    NEW PORT RICHEY — Pasco County's tax roll grew by more than 5 percent in 2016, but it's a figure that likely would require local government budget writers to trim proposed spending requests.

    OCTAVIO JONES   |   Times
New construction accounted for $693.5 million in taxable property values being added to the Pasco County tax rolls in 2016, according to preliminary estimates released by Property Appraiser Gary Joiner. Overall, the property tax roll grew more than 5 percent, according to the preliminary numbers.

  3. Tampa Bay Super Bowls: A brief history and some predictions for 2021

    Bucs

    At last, Tampa will host a Super Bowl again. It used to be that the Cigar City would host one a decade, but by the time February 2021 rolls around, it will have been 12 years since the epic showdown between the Steelers and Cardinals. Because it has been awhile, let's revisit those past Super Bowls while also peering …

    Santonio Holmes hauls in the game-winning touchdown in the Steelers' 27-23 Super Bowl XLIII victory over the Cardinals in 2009, the last time Tampa hosted a Super Bowl. [JAMES BORCHUCK | Times]
  4. Rays bats go silent in second straight loss to Angels (w/video)

    The Heater

    ST. PETERSBURG — Sure, Alex Cobb was to blame for the Rays' 4-0 loss on Tuesday.

    Derek Norris strikes out with the bases loaded as the Rays blow a golden opportunity in the seventh inning.
  5. Analysis: Manchester attack was exactly what many had long feared

    World

    LONDON — For Britain's security agencies, London always seemed like the likely target. For years, the capital of 8 million with hundreds of thousands of weekly tourists and dozens of transit hubs had prepared for and feared a major terror attack.