By Ashley Cox

PINELLAS COUNTY, Fla. (CW44 News At 10)– Economic Crimes Unit Detectives have arrested a Tarpon Springs man for exploiting an elderly man by transferring a large sum of the victims money into a business bank account.

William Planes, 80, was taken into custody by detectives on Thursday.

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According to reports, Planes transfered a large sum of money into Coast to Coast Group Inc., which is where planes was employed. In March of 2018, the 88-year-old victim entered into a business relationship with William Planes, of Coast to Coast, Inc., regarding real estate and financial advising. Detectives say the victim received a litigation settlement after the sale of two commercial entities. Upon receiving the settlement, Planes convinced the victim to deposit $1,450,000.00 into his Coast to Coast, Inc. business account.

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Detectives say in September of 2018, when the funds were set to be released to the victim, Planes informed him he was retaining $322,943.90, as part of a 20% contingency fee. Throughout the course of the investigation, detectives learned the victim did not speak fluent English, suffers from the infirmities of aging and hired Planes as a trusted financial advisor. Detectives discovered the victim did not knowingly agree to the 20% contingency fee.

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The investigation continues.