California Man Charged With Misappropriating Proceeds From Reverse Mortgage Secured By Elderly Woman's Home

From the Office of the San Francisco, California District Attorney:

• San Francisco District Attorney Kamala D. Harris announced today that John McTaggart, age 45, [...] was arraigned on charges of residential burglary, grand theft and grand theft from an elder for allegedly stealing $140,000 from an 86-year-old San Francisco woman as part of an annuity scam.

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• According to court documents, in February 2008 defendant McTaggart, a former broker, convinced his elderly victim to sign over $140,000 in monies received through a legitimate reverse mortgage he had helped the victim secure. Once the victim received the money from the reverse mortgage, the defendant allegedly convinced her to dedicate a portion of the funds to two separate annuity accounts. Instead of depositing the victim’s money into actual annuity accounts, he deposited the money into his personal account. The defendant then allegedly attempted to mask this fraud, by sending monthly checks to the victim, essentially paying her "dividends" from the money he had stolen directly from her. Defendant McTaggart then fled to Tennessee, where he resided until he was arrested on the DA arrest warrant that was issued on November 24, 2008.

For more, see DA Extradites Man to Face Charges of Elder Abuse and Fraud in Annuity Scam (Prosecution is Part of a DA-led Crackdown on Financial Predators).

Go here, Go here, Go here, Go here, Go here, and Go here for other posts related to deed or refinancing scams by forgery, swindle, power of attorney abuse, etc.

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