On September 18 after a two day trial, Robert Mangiafico wasfound guilty of fraud and was sentenced to 40 years in prison. Mangiaficodefrauded elderly women in an elaborate annuity scheme. For roughly seven years,Mangiafico conned elderly widows to sell property and transfer the money to himor a corporation called Security Financial Services LLC. Mangiafico andothers tricked the women into believing that the money was used to buyannuities, but in reality, the money was being used for personal use. Theindictment only revealed four victims who lost $458,361.00, but the totalamount taken was closer to $655,00.00 according to the Texas State SecuritiesBoard.
See Darla Mercado Texas Man Gets 40 Years For Phony Annuities Scheme, Investment News, Sep. 20, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
