Citrus County man who worked in investment industry for decades arrested for fraud, grand theft: Officials
Courtesy: Citrus County Sheriff's Office
HOMOSASSA, Fla. - A Homosassa man is accused of stealing hundreds of thousands of dollars from numerous Citrus County residents.
According to officials, 60-year-old Joseph Michael Todd has been involved in the investment industry in Citrus County for the past several decades and worked for multiple different investment firms.
The United States Marshals Service arrested Todd on April 9 as the result of a lengthy investigation by Detective Rob Ramos with the Citrus County Sheriff's Office (CCSO) High Tech Crimes Unit (HTCU).
According to CCSO, several of Todd's victims were identified after an initial report. Many victims had lost hundreds of thousands of dollars that Todd was supposed to invest.
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Investigators say Todd would have his victims write checks to him personally instead of the financial firms he represented and would then use the victim's money for his own gain and benefit.
Detective Ramos' investigation revealed that many victims include Citrus County residents and business owners who placed their trust in Todd, according to the sheriff's office.
"Todd used his position and his reputation in our community to take advantage of the victims in this case. These victims trusted him to invest their life savings, and he betrayed that trust, using their money to fund his personal lifestyle," said Sheriff Prendergast in a statement. "Detective Ramos worked closely with the Fifth Judicial Circuit State Attorney's Office throughout this investigation to try and bring some justice to Todd's many victims, though many may never financially recover from his betrayal. It is imperative that if you or your loved ones have financial investments, do your due diligence and ensure your advisor is handling your money properly."
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Authorities say Todd was arrested in Bay County in reference to a Citrus County warrant for one count of scheme to defraud $50,000.00 or more, six counts of grand theft of $100,000.00 or more, and one count of grand theft of under $20,000.00.
According to officials, Todd will be taken to the Citrus County Detention Facility, where he will be held without bond per the warrant.
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