Local police in Boca Raton, Florida are investigating an investment scam that cost an 86 year old woman $70,000 of her life’s savings. Edith Schneider apparently gave the money to a Jamaican man named David McAllister. Schneider’s niece called police to report the scam. Police are investigating the case and would not give further details of the alleged investment fraud.
This is another example of unscrupulous people preying upon Florida’s elderly. Some of these investment scams are born in the United States; others derive from foreign countries.
Investors and their investors need to be diligent and careful only to invest their money with traditional firms and after proper investigation. If an investment sounds too good to be true, it is.