Ohio Man Charged In Alleged $500K+ Ripoff Of 70-Year Old Woman; Leaves Her Essentially Penniless, Facing Foreclosure

In Springdale, Ohio, the Cincinnati Inquirer reports:

• A financial planner is accused of stealing a 70-year-old woman’s life savings -- more than half a million dollars – and leaving her essentially penniless. When Springdale police arrested Martin Morris, 50, at his Mason home Thursday, night, they said he was on the phone with his attorney.

• A Hamilton County grand jury indicted Morris earlier this week on 14 counts, including aggravated theft, theft from an elderly person and forgery. Springdale Police Detective Keenan Riordan said Morris stole $509,637 by forging checks while handling all of the woman’s finances -- even doing her taxes -- and investing through Scottrade, an online brokerage. “It’s a shame, it really is,” Riordan said Friday.

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• She discovered she was broke earlier this year when foreclosure proceedings began on her Springdale home. “That’s when she became suspicious,” he said. With someone’s help she checked her account on Scottrade online and discovered she had just $7.01 left, Riordan said. The woman is now struggling to make ends meet on her only source of income, monthly Social Security checks. She also received assistance from relatives that has staved off foreclosure, at least for now, police said.

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• It doesn’t appear likely the woman will be able to get her money back. “He spent it,” the detective said. “It’s gone.”

For the story, see Cops: Woman bilked of $500K.