Complaint: Mass. Man Defrauded Retirees Of $2M
BOSTON (AP) — A Foxborough man was accused Tuesday of defrauding about 35 retirees of $2 million by offering non-existent investments through his North Attleboro financial planning firm.
Secretary of State William Galvin said in an administrative complaint that in one case, John Picini of the Center of Senior Financial Planning forged an investor’s name to an annuity surrender form.
He then told the investor to write a check to him for the annuity amount, saying the Patriot Act required it, the complaint said.
In another case, a 90-year-old legally blind widow invested nearly $156,000 with Picini, but no investment account was ever established, the complaint said.
Galvin said Picini obtained the money over the last two years and used it for personal expenses, including lodging, credit cards and online shopping.
The complaint seeks to bar Picini from state securities registration, account for all wrongly acquired proceeds and compensate investors.
Picini’s attorney, Kevin J. O’Connor, tells The Associated Press that the allegations are “totally wrong.”
“We consider every single charge absolutely false,” he said. “My client will be as aggressive as possible in bringing this to a successful conclusion.”
Copyright 2012 The Associated Press.