Man Who Stole From Elderly Widows Is Sentenced
February 18, 2015 by The New Hampshire Union Leader, Manchester
Feb. 18–Frederick V. McMenimen III, 53, of Bow, was sentenced Feb. 11 in U.S. District Court to serve three-and-a-half years in federal prison and pay restitution of more than $1.44 million to three individuals and an insurance company.
McMenimen pleaded guilty in November to mail fraud, money laundering and federal income tax evasion in connection with a scam that netted him approximately $1.3 million in three years.
The one-time Exeter High School hockey coach and 2005 winner of a $1.4 million lottery jackpot, was working as a financial planner at the time.
Between September 2008 and October 2011, McMenimen persuaded elderly widows who had long relationships with his family to liquidate annuities and other investments and put their funds into what he said was a much better investment vehicle.
That vehicle was actually his private piggy bank and he used those funds to support a lifestyle that included a large home, yacht expenses, private schools and college for his children and lavish personal expenses.
But while he was spending an estimated $1.3 million he obtained fraudulently, prosecutors said McMenimen neglected to reported the funds on his income tax returns for tax years 2008, 2009 and 2010.
Restitution, at the rate of $250 a month, is to be paid to three female victims, before restitution is paid to Prudential Insurance, listed as a fourth victim.
The court recommended McMenimen be placed at the Federal Medical Center of the Federal Bureau of Prisons in Devens, Mass. He will be on supervised probation for three years following his release.
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