{"id":1320,"date":"2013-09-23T20:08:17","date_gmt":"2013-09-23T20:08:17","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/09\/texas_man_gets_40year_prison_s"},"modified":"2022-03-10T16:38:29","modified_gmt":"2022-03-10T22:38:29","slug":"texas-man-gets-40year-prison-s","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-man-gets-40year-prison-s\/","title":{"rendered":"Texas Man gets 40-Year Prison Sentence for Phony Annuity Scam That Targeted Elderly Women"},"content":{"rendered":"

\t\t\t\tAn Allen, Texas man is sentenced to 40-years behind bars for bilking elderly women out of close to $500,000 in a phone annuity scam. Robert Mangiafico Jr. pleaded guilty to money laundering and theft related in the Texas securities fraud <\/a>case.<\/p>\n

According to prosecutors, Mangiafico persuaded a number of widows to liquidate holdings and securities in brokerage accounts and other assets and he was supposed to use the money to buy annuities for them. Instead, after he had them move the funds to him or to Security Financial Services LLS, which was set up by Thomas Grimshaw of Dallas, the cash went to bank accounts for him and Grimshaw. The two men used the money for personal spending and to scam their investment victims.<\/p>\n

Prosecutors say that $655,000 was stolen from four victims, who sustained $458,361 in losses. According to a 2011 indictment, the appropriations were made without the women’s consent because they were of advanced age and their capacity to make rational and informed choices was diminished. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

An Allen, Texas man is sentenced to 40-years behind bars for bilking elderly women out of close to $500,000 in a phone annuity scam. Robert Mangiafico Jr. pleaded guilty to money laundering and theft related in the Texas securities fraud case. According to prosecutors, Mangiafico persuaded a number of widows to liquidate holdings and securities […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3803,3750],"tags":[],"class_list":["post-1320","post","type-post","status-publish","format-standard","hentry","category-senior-investors","category-texas-securities-fraud"],"yoast_head":"\nTexas Man gets 40-Year Prison Sentence for Phony Annuity Scam That Targeted Elderly Women — Investor Lawyers Blog — September 23, 2013<\/title>\n<meta name=\"description\" content=\"An Allen, Texas man is sentenced to 40-years behind bars for bilking elderly women out of close to $500,000 in a phone annuity scam. 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