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Fake investment banker robs elderly and farmers of savings

Police say man embezzled approximately four million euros

11 October, 14:25
Fake investment banker robs elderly and farmers of savings (ANSA) - Avellino, October 11 - Investigators in the Campania city of Avellino said on Thursday that they uncovered a four-million-euro investment scam operating over the last five years.

A 49-year-old financial advisor is being probed for fraudulent investment services that police say have left hundreds of farmers and elderly victims stripped of their savings.

Probes began after finance police received numerous complaints from clients of the man who promised high returns in a short amount of time, but instead saw their bank accounts had overdrafts.

The finance police said that approximately 1.3 million euros have been recovered so far and that the man, under house arrest, risks charges of illegal banking, credit-card fraud and embezzlement.

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