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Huntington resident Craig Stone, 64, was arraigned on Thursday, Sept. 24 on a grand larceny charge for allegedly stealing $45,450 as part of an investment scheme to defraud a former friend.
Nassau County District Attorney Madeline Singas said that between 2013 and 2015, Stone’s victim, a former family friend, gave him the money to invest in “real estate vehicles” that had a guaranteed return of between 10 and 11 percent.
Singas said that initially, his victim, who had been recently widowed, was reluctant, but Stone kept promising a higher return rate, she eventually relented and made the deal in May 2013.
At Stone’s urging, his victim invested 16 times over two years in small increments, signing a subsequent agreement each time that stated that the annualized return was to be 10 percent, except for one that she was promised an 11 percent return.
The last payment made to Stone was on Sept. 23, 2015.
According to Singas, when the victim requested her money back in 2016, Stone went silent and failed to respond to her emails or repay her under the agreements of the signed terms.
Singas noted that the money that was stolen was to be used for college tuition for the widow’s two daughters. Stone allegedly spent the money on utilities, medical expenses, and made several cash withdrawals.
“This defendant allegedly scammed a recently widowed woman out of more than $45,000 that she had earmarked for her daughters’ education with a bogus investment scheme promising high returns at no risk,” Singas said. “Con artists who prey on the vulnerable are especially despicable and we will do all that we can to seek justice for this victim and her family.”
Stone was charged with third-degree grand larceny and released following his arraignment. He is scheduled to appear back in court on Monday, Nov. 9. If convicted of the charge, Stone will face up to two and a third to seven years in prison.
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