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Florida Man Arrested In Investment Fraud Against Senior Citizens

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File photo of empty court room. (Credit: Spencer Weiner/Los Angeles Times/ POOL

File photo of empty court room. (Credit: Spencer Weiner/Los Angeles Times/ POOL

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TALLAHASSEE, Fla. (AP) — An insurance agent who authorities say scammed senior citizens of more than $2 million has been charged with grand theft.

Florida Chief Financial Officer Jeff Atwater announced the arrest Wednesday of 49-year-old Neal Seth Smalbach of Palm Harbor.

Smalbach was booked into the Pinellas County Jail after his arrest Tuesday. Bond was set at $250,000 bond. It’s not known if he has an attorney. If convicted, Smalbach faces up to 54 years in prison.

Jail records show he was arrested last year on a charge of organized fraud insurance.

Investigators say Smalbach misrepresented the factual details of investment products to multiple senior citizens for personal gain. Almost $5 million was invested by seniors in products that were unsuitable for them. Smalbach is also accused of falsifying two applications for insurance.

(©Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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