INVERNESS, Fla. — A Citrus County man is facing charges for allegedly stealing millions of dollars from clients who thought he was investing the money for them.
Instead, detectives say 60-year-old Joseph Michael Todd, a well-known investment advisor in the region for decades, was lavishly spending that money on himself.
“It is heartbreaking for all the people in the community,” said local real estate broker Beck Norman.
About 10 years ago, Norman sat down with Todd to discuss financial planning. But she says she walked away with a bad feeling.
“I just saw the dollar signs in his eyes, to whatever we were doing. And my instincts told me not to move forward with him,” Norman said.
Detectives said it was Todd's office in Thonotosassa where he stole hundreds of thousands of dollars that were supposed to be channeled into clients’ investments.
Citrus Sheriff Mike Prendergast calls it devastating.
“Unfortunately, they’ve lost their life savings and now it’s, you know, next to impossible for them to recover any of that money,” Prendergast said.
Todd is alleged to have stolen from individuals and companies that had come to trust him over the years.
“And he was a hometown guy. That was his big thing," Norman said. “Shake my hand. I’m here. I’m [the] Hometown guy.”
And now, those in the tight-knit community say it's hard not to know someone who hasn't been harmed.
“It’s going to touch everyone. Because you know somebody who knew somebody that this affected and he took advantage of,” Norman said.
Federal investigators first filed a complaint against Todd last year when some of his alleged victims said they’d been taken for at least a half a million dollars.
They discovered a luxury condo in Mexico Beach, Florida, worth more than $230,000. Another $450,000 spent on boats. $65,000 on hunting equipment. And $11,000 spent at casinos and adult entertainment.
“They wrote checks out to him. In his name. Full name on the check. And then he went in those to fuel his lavish lifestyle,” Prendergast said.
The sheriff says he hopes Todd’s arrest will bring justice to his alleged victims, but investigators admit they may never financially recover from his betrayal.
It’s a painful reminder, they say, to do your research when investing, and perhaps trust your gut, too.
“Absolutely,” Norman said. “If you feel it, there’s a reason God gave you these instincts. Trust them.”
Todd is charged with six counts of grand theft of over a $100,000 and scheming to defraud.
The sheriff’s office says he was arrested in the panhandle and would be transferred back to Citrus County where he’ll be held without bond.