Fred Busch, US Postal Inspector, explained, “He lied with such ease; the only explanation I can give is he is a sociopath.”
He is John Paccini who 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,” said Busch.
Postal inspectors say Paccini would start by selling clients annuity products. Authorities say Paccini was a conman.
“In some cases he liquidated them without them even knowing and simply forged their signature on the withdrawal forms,” explained Busch.
There were more than 70 victims and more than $3.5 million dollars in losses. One victim--a 94 year old widow who was blind.
“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,” explained Busch.
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.
“When I’ve interviewed seniors they say “well he told me what he was going to do with the money, and I believed him,” Busch told us.
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 3 years of probation. He was ordered to pay $3.5 million dollars in restitution to the victims. During the sentencing hearing, one of the victims who addressed the court was Paccini’s sister in law who was recently widowed and lost $300-thousand dollars to Paccini.
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