South Bend financial adviser takes $84,000 from couplePublished 8:30am Monday, October 12, 2009
By NORMA LERNER
Dowagiac Daily News
CASSOPOLIS – A Cass County couple who trusted their investment adviser found out they might have just as well invested their funds with Bernie Madoff, as they were gone.
Friday morning in Cass County Circuit Court, Judge Michael Dodge told Richard Moore. who ran off with about $84,000 of their money, “You gave into the temptation of stealing. It was the same as Bernie Madoff.”
Moore, 59, of 3462 Sandwood Drive, South Bend, got nine months jail and put on probation for five years with restitution to pay of $83,997 on his conviction of larceny by conversion over $20,000.
The victim said he met Moore eight years ago. He and his wife trusted him to take care of their finances since he was an investment advisor and, consequently, became a friend of the family.
Moore even invited the couple to his daughter’s graduation from high school. “We have been devastated.”
He asked for the “harshest” sentencing he could get and to pay back all of the money that they saved for their retirement.
Chief Assistant Prosecutor Frank Machnik told the court that Moore was a man who took advantage of other people and used their monies to support an opulent lifestyle.
He said the victims worked hard and put their money away in this economy of hard times where a dollar is not what it used to be.
He should be punished to the extent of the law at nine months and probation for five years and pay restitution in full.
Machnik said penalties and fees that have not been included are still being figured out.
Defense attorney James Miller said this was unfortunate.
He said Moore is expected to be employed to make restitution.