Police make arrest in Milford embezzlement scandal
Police have made an arrest in a Milford embezzlement scandal that dates back 10 years.
Police say Travis Smith, 40, scammed a 68-year-old Milford man out of hundreds of thousands of dollars. They say 10 years ago, Smith contacted the man about an old policy that expired.
According to police, Smith convinced the victim to invest close to a half a million dollars of his retirement funds with him after promising a better return on his investments. Police say Smith initially worked as an insurance agent.
Police later found that Smith spent most of the money at casinos.
"Problem is he never provided the victim with any type of statements, which should have been an initial red flag," says officer Mike Devito.
Police say Smith eventually stopped contacting the victim.
Financial advisor Lori Torrano says people need to make sure the person is licensed and that there are no complaints. She says if your gut tells you something is wrong then most likely it is.
Smith was released on $50,000 bond. He's due back in Milford court April 9.