A New Canaan couple arrested last week on larceny charges stole more than $1 million from a Greenwich woman, according to New Canaan Police. Sgt. Peter Condos said Michael Michelsen, 57, and Paula Halloran, 39, both of 24 St. Johns Place, stole the money from an 81-year-old woman from 2005 to 2008.
Michelsen and Halloran were each charged last Friday with first-degree larceny and conspiracy to commit first-degree larceny. Police said Halloran, who previously worked in Smith Barneys office in New Canaan, had been a broker and financial adviser to the elderly victim since 2005. Police said money given by the victim was paid to charities, credit companies and other financial institutions, and were later transferred by Halloran and Michelsen for their own personal use. Some of the money was used to build a house on Block Island in Rhode Island. Attempts to reach Michelsen for comment were unsuccessful.
This is not a case of simple gift giving or loans or of a financial adviser who gave bad investment advice that turned out bad. Thats not what happened, Condos said. The warrant alleges pretty much outright theft. Condos said Halloran became the victims financial adviser in 2004. Halloran worked for the victim's husband before becoming her financial adviser.
Police charged Halloran and Michelsen in the theft of $760,000 allegedly taken from April 2006 to November 2008. Police cannot place charges for another $240,000 allegedly taken before that because of the five-year statute of limitations on fraud crimes.
Condos said Michelsen, a career firefighter with the Wilton Fire Department, created at least one of the charity accounts two days before the woman began giving Halloran money. It was set up specifically to receive the victims money, Condos said. At the same time, the victim began experiencing cognitive issues. The payments to Halloran and Michelsen stopped once the victims family inquired about the womans money. Smith Barney fired Halloran in November 2008 for violations of company policy, police said.
Michelsen was released on $25,000 bond, and Halloran was released on a written promise to appear because she is due to give birth in one to two weeks. Both are scheduled to appear March 7 in Stamford Superior Court.
What do you think about these criminal charges and allegations? Leave a comment below. You can also visit our Facebook page.
Click here to follow Daily Voice Wilton and receive free news updates.