A longtime financial adviser has been sentenced to 3 ½ years in prison after pleading guilty to charges that he preyed on the widowed friends of his wife and mother to bilk them out of more than $1 million.
Foster's Daily Democrat reports that Frederick McMenimen III of Exeter was sentenced Tuesday in U.S. District Court. He had pleaded guilty in November to mail fraud, money laundering and tax evasion.
Prosecutors said he used the money to feed a lavish lifestyle including yacht docking fees and private school tuition for his children.
Court documents describe the victims as "financially unsophisticated" women who placed a great deal of trust in McMenimen. Prosecutors say McMenimen directed them to liquidate life insurance annuities and other investments and turn them over to him.