60-Year-Old Investment Adviser Arrested for Fraud in Citrus County

On April 9th, 2024, the United States Marshals Service apprehended Joseph Michael Todd, aged 60, in connection with a warrant issued by Citrus County. Todd’s arrest follows a thorough investigation by Detective Rob Ramos from the Citrus County Sheriff’s Office (CCSO) High Tech Crimes Unit (HTCU).

The investigation, initiated by CCSO following initial reports, uncovered multiple victims who had entrusted Todd with their investments. Many of these victims, residents and business owners of Citrus County, suffered significant financial losses, totaling hundreds of thousands of dollars.

Detective Ramos revealed that Todd, a long-time figure in the local investment industry, diverted funds entrusted to him for personal use. Instead of directing investments to legitimate financial firms, Todd allegedly had victims write checks directly to him, subsequently misappropriating their money for personal gain.

Sheriff Mike Prendergast commented on the case, stating, “Todd abused his position and his reputation in our community to take advantage of the victims in this case. These victims trusted him to invest their life savings, and he betrayed that trust, using their money to fund his personal lifestyle.”

Todd now faces serious charges, including one count of Scheme to Defraud amounting to $50,000.00 or more, six counts of Grand Theft exceeding $100,000.00, and one count of Grand Theft totaling under $20,000.00.

He will be handed over to the Citrus County Detention Facility, where he will await trial under the close supervision of the Fifth Judicial Circuit State Attorney’s Office. Authorities urge anyone who may have fallen victim to Todd’s fraudulent activities to come forward, as the investigation continues to unfold.

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