Tarpon Springs Man Arrested For Exploitation Of The Elderly
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.
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.
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.
The investigation continues.
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