Andover man accused of bilking elderly out of

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Andover male accused of bilking aged away from
A 38yearold Andover man expended a great deal from the last yr dwelling substantial, allegedly purchasing a topoftheline Mercedes, a BMW, as well as a Assortment Rover, and dropping $5,000 each day at a community strip club.
And prosecutors mentioned Thursday that he paid to the substantial existence by defrauding senior citizens of $2 million, telling them he was investing their daily life personal savings.
John A. Baldo, who was earlier convicted of forgery and fraud which has a credit history card, explained to victims in Massachusetts and Connecticut that he was an authorized monetary adviser who labored for an financial commitment business identified as Liberty Monetary.
He explained to them that "if they invested their revenue with him, they'd appreciate handsome returns," Melissa A. Valera, an FBI agent, explained in a very sworn statement. "He explained to them that if they liquidated their assets and their financial institution accounts, he would consolidate their funds within an annuity account, from which they might get generous periodic distributions. He explained to them they could rely on him which their income might be risk-free."
Baldo, arrested Thursday at the Las Vegas airport soon after his arrival from Boston, would be to seem nowadays in federal court in Nevada on expenses of wire fraud, prosecutors stated. He will be despatched back again to Boston to deal with the fees, they reported.
Baldo initially came to the awareness of federal officers in November 2005, when Martina Evans, 75, of Boxford, alerted her son, who labored with the FBI, immediately after she uncovered that Baldo allegedly experienced cast her signature on the look for $20,000. She had formerly purchased a existence insurance coverage plan and annuity from Baldo, who experienced said he labored for a longtime insurance policies organization.
He later on instructed her he had turn into an independent expert and stated that the past examine she had penned experienced not been processed.
"He was appealing, perfectly spoken, and appeared being very professional," Evans, who bought her a refund, mentioned inside of a phone interview. "I was extremely lucky."
Valera explained that concerning November 2005 and December 2006, dependant on Baldo guarantees, two brothers from Connecticut gave him a put together $1.eight million along with a woman from Rockport gave him $200,000 from her personal savings.
Instead of investing the money, prosecutors allege, Baldo spent all of it: on luxurious automobiles, gambling, nightclub visits, outings to Las Vegas, and lavish presents for dancers at strip clubs, likewise as daily residing fees.
In 2006, he paid out $150,954 to get a 2006 Mercedes Benz SLK600R; $101,152 for a 2006 Land Rover Range Rover; and $59,444 for just a BMW 330, prosecutors reported. They claimed he spent $297,690 gambling, and acquired a Jacob Earth observe for $37,800, a sevenheart diamond necklace for $23,a hundred, along with a Cartier diamond and gold bracelet for $9,633,[url=http://www.sofabcon.com/wp-wpp.php?p=louis-vuitton-travel-bag]louis vuitton travel bag[/url], among the other goods.
An informant in the Cabaret Lounge in Peabody informed Valera that Baldo often gave dancers $100 expenses and spent about $5,000 daily on the club. "Baldo took various in the dancers over a trip to Las Vegas initially of Could 2006 and bought them luxuries for instance Christian Dior and Louis Vuitton handbags," Valera said in her statement.
A man who answered the cellular phone for the Cabaret Lounge very last night declined to comment.
A woman achieved at Baldo Andover home Thursday discovered herself as his wife but didn't need to remark.
Other alleged victims involve an 88yearold man in Storrs, Conn., who gave Baldo $1.six million, and his 85yearold brother, also of Connecticut, who gave him $200,000, prosecutors said. They could not be reached last evening.

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