State Police Blooming Grove have accused Samuel Slatus, 75, of Clifton,NJ, of deceptive business practices after using money meant for a woman's investment in part went into waging racing bets.
The victim, a 72 year old woman from the Hawley area, sent Slatus $9,000 with the promise to invest it into a certificate of deposit (CD) with a five percent return within a year. The accused sent the victim a letter stating this. When the victim called the suspect to get her money in May of 2012 he hung up the phone and would not take any further phone calls from her, police related.
"I spoke with the suspect who indicated he didn't put the money into a CD and used to invest in his business," Trooper Jason Mills said.
An in-depth investigation revealed that he accused allegedly deposited the check into his personal bank account and wrote himself checks, police stated. The accused also used the money to wage bets on horse racing and for personal expenses, according to police.
The accused lost his license in 2002 to sell insurance or act as an investment adviser, said police. The Pennsylvania Securities Commission has opened up their own investigation into this matter.
Slatus is scheduled to turn himself in at District Judge Jay Rose's office on Sept. 19th. All of the charges he faces are felonies of the third degree. They include Deceptive or Fraudulent Business Practices, Theft by Unlawful Taking, Theft by Deception, Theft by Failure to Make Required Disposition of Funds Received and Criminal Use of Communication Facility.