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Wellesley man charged with defrauding investor with Alzheimer’s Nov 16, 2011 // Christian ReynoldsNo Comments »The states top securities regulator charged a Wellesley investment manager with defrauding an elderly widow suffering from Alzheimers disease.
Secretary of State William Galvin said today it filed an administrative complaint against Paul J. Dumouchel for persuading the women to withdraw nearly 1.5 million from her financial accounts and put the money in annuities and mutual funds.
Dumouchel, a former broker at H. Beck Inc., drove the woman to several banks around the state last year and pocketed 63,1118 in commissions from the transactions, Galvin said.
Dumouchels attorney, Tom Hoopes of Libby Hoopes in Boston, said the allegations are a gross injustice to the true facts.
Galvin said his office started investigating the situation after receiving tips from Randolph Savings Bank and Old Colony Elder Services.
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Tags: Alzheimers