Most Shared

TroubleShooter

TroubleShooter

 
text size

Howard Ain, Troubleshooter: Conman for Seniors

Updated: Monday, March 3 2014, 07:45 PM EST
CINCINNATI (Howard Ain) -- His victims trusted him and he returned that trust by stealing millions of dollars from them; in many cases destroying their lives.

Fred Busch, a U.S. Postal Inspector, said, "He lied with such ease; the only explanation I can give is he is a sociopath."

His name is John Pachini and he claimed to be an insurance salesman who also did investment consulting.
 
"His business was called 'Center for Senior Financial Planning,' so it was clear from the outset that he was targeting only senior citizens," Busch said.

 Postal inspectors say Pachini would start by selling clients annuity products, "Which aren't really good investments for seniors because they are long term investments. He would put them in annuities because he claimed a lot of money in commission."

Authorities say Pachini was a conman.  Busch continues, "In some cases he liquidated them without them even knowing and simply forged their signature on the withdrawal forms."

There were more than 70 victims and more than $3.5 million dollars in losses.  One victim was a 94-year-old widow who was blind.

Busch explains, "Paccini would come to her house and because she can't see what she was signing he would sign for her or just take her checkbook and write out checks to himself from it. She didn't know what was going on, she just trusted him."

Where did all of the money go?

"From there he literally just went on a daily spending binge. He was just a guy that didn't need the money, he just wanted the money, stole the money and spent it on himself," Busch said.

Postal inspectors say senior citizens are very quick to trust.  If you are a friend or relative of a senior citizen, keep a close eye on how they're spending their money.

John Paccini was sentenced to 10 years in prison followed by three years of probation.  He was ordered to pay 3.5 million dollars in restitution to the victims.

Follow us on Twitter @Local12 and LIKE us on Facebook for updates!Howard Ain, Troubleshooter: Conman for Seniors


Advertise with us!

Related Stories

Scam Alert

  • E-greeting Card Scam

    The e-greeting card scam is not a new one, but the FBI says it's returned with a vengeance.

    It's Internet Crime Complaint Center is receiving an increasing number of complaints.

    The fraud e-cards contain malware as an attachment, or it contains a link which sends the recipient to a web page where they can pick up viruses, keystroke loggers or other so-called trojan horse programs.

    The e-cards sometimes even appear to be from legitimate e-card greeting web sites-- but the actual address of the links point to a numeric address, rather than one containing the name of the postcard company.

    If you get one of these e-mails you can file a complaint on the FBI's web site, http://www.ic3.gov/.
  • Jury Duty Scam

    Officials all across the Tri-State are warning about a jury duty scam that may put you at risk for identity theft.

    Police say someone has been calling residents and saying they face arrest for failing to report for jury duty.

    The caller asks people for personal information including their Social Security numbers to clear up the situation.

    Authorities say the calls are part of a nationwide scam. If you think you have been a victim call your local police or sheriff's department.
 

More TroubleShooter Links

TroubleShooter Feedback

Do you have a problem that needs Howard's attention? Fill out the form below and let him know!
Please re-enter the code shown in the image below.
Advertise with us!