Authorities allege man bilked elderly couple out of at least $700K

A former Naples resident, Konstantinos Konstantinou, has been charged in a fraud case where he allegedly bilked an elderly couple out of at least $700,000.

Konstantinou voluntarily surrendered to the Hillsborough County Sheriff’s Office on an arrest warrant, according to a statement from the Florida Office of Financial Regulation. He is charged with securities fraud, acting as an unregistered securities dealer and organized fraud.

Authorities contend Konstantinou offered to purchase United States Treasury Bonds for an elderly couple. Instead, he allegedly misused the couple’s money on expenses, including the purchase of his personal residence in North Carolina, the release states. Victim losses are believed to be more than $700,000, the release adds.

“Investment scams that target elderly citizens are atrocious and must be stopped,” OFR Commissioner Russell C. Weigel says in the release. “The Office of Financial Regulation will continue fighting to ensure that financial criminals are brought to justice and that Floridians are protected from these types of scams.”

The State Attorney’s Office 20th Judicial Circuit is prosecuting the case.