Sunday, September 22, 2013
On September 18 after a two day trial, Robert Mangiafico was found guilty of fraud and was sentenced to 40 years in prison. Mangiafico defrauded elderly women in an elaborate annuity scheme. For roughly seven years, Mangiafico conned elderly widows to sell property and transfer the money to him or a corporation called Security Financial Services LLC. Mangiafico and others tricked the women into believing that the money was used to buy annuities, but in reality, the money was being used for personal use. The indictment only revealed four victims who lost $458,361.00, but the total amount taken was closer to $655,00.00 according to the Texas State Securities Board.
See Darla Mercado Texas Man Gets 40 Years For Phony Annuities Scheme, Investment News, Sep. 20, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.