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Howard Ain, Troubleshooter: Conman for Seniors
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.
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