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Monday, September 21, 2009

One Man Wrecking Crew Arrested

An investment advisor described by a federal agent as a "one man wrecking crew" was arrested for identity theft and fraud.  Here's the full story from WFAA.com:
FBI agents in North Texas Friday arrested a man who they say was not only duping investors out of their life savings — he was tapping their bank accounts as well.
Cliff Robertson was the subject of a News 8 investigation last spring. One federal agent called him a one-man wrecking crew.
His alleged victims describe him in much less flattering terms.
News 8 first exposed Robertson's questionable activities in story last April. Federal officials then dug deeper and now he is behind bars.
Robertson's regular Saturday investment talk show attracted hundreds of trusting clients from all over North Texas. He billed himself as a Congressional Businessman of the Year, inviting his listeners into a world of financial freedom.
William Hunt of Lake Whitney is one of Robertson's alleged victims. "We took Cliff's word for it and trusted this guy," he said.
But Robertson destroyed that trust by allegedly duping Hunt out of his life savings on real estate deals; by stealing his credit cards; and by running up huge debts on personal expenses.
Others who say they were deceived by Robertson formed a support group meeting regularly to commiserate.

"We've lost our life savings," said Christy Vickery. "He took everything; he took everything we had — every cent, every penny."
"My life has been ruined because of this — totally destroyed," said former investor Ken Eakin.
At first, Robertson told News 8 he was eager to tell his side of the story. After weeks of putting us off, we caught up with him.
"There's a lot more to it," Robertson said. But he declined to answer questions about whether he took out lines of credit in the names of his investors and abused their credit for his personal gain.
Robertson, 43, was arrested Friday morning and has been charged with bank fraud and identity theft.
If convicted, he could serve up to 32 years in federal prison.
 Amazing what people will do to their fellow man for their own petty gain.

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