Stealing from the elderly | Arkansas Blog

Wednesday, January 7, 2009

Stealing from the elderly

Posted By on Wed, Jan 7, 2009 at 4:03 PM

It doesn't get much worse than this.  The Arkansas Securities Department issued a cease and desist order to R. Kyle Stewart of Mountain Home, a former A.G. Edwards employee who bilked over $600,000 from two elderly Baxter County residents.  In one case, Stewart listed himself as the beneficiary of his 89-year-old client's charitable trust.  Stewart also persuaded another 102-year-old client to invest $340,000 in CCK Corp., of which Stewart was the president.  The company's only asset was a checking account that Stewart himself used.  The state's securities commissioner scheduled a hearing to determine whether Stewart's broker-dealer agent and investment adviser license should be revoked.  Hmm... 

IN THAT SAME VEIN: Feds today announced indictment of Harold S. Long, 45, of Jacksonivlle for securities and wire fraud. He defrauded 50 victims of some $790,000 they put into his Your Money Worth Ponzi scheme. He attracted investors with promises of 36 to 96 percent returns.

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