A man who allegedly defrauded a Red Bank senior suffering with dementia of hundreds of thousands of dollars was indicted on charges of second-degree theft by deception by a Monmouth County Grand Jury Monday.
According to a release from Prosecutor Peter Warshaw Jr.’s office, James J. Demitro, also known as Anthony Tatalia, posed as the nephew of the unidentified victim and stole more than $750,000 from various bank accounts, using at least $150,000 of it to purchase an Italian sports car. Authorities began to investigate Demitro after suspicions arose following several financial and estate planning transactions conducted between March and August 2011, including Demintro’s attempts to purchase the victim’s home for a dollar.
The grand jury also found that Demitro, under the guise of the victim’s nephew, enlisted the help of several attorneys to prepare legally binding documents to further defraud the victim. Demitro is also alleged to have coordinated the preparation of a Last Will and Testament naming him as the residual beneficiary and executor of the victim’s estate, the release stated.
Demitro, whose age and residence are unknown, was arrested on Aug. 19 and held in Monmouth County jail in lieu of $500,000 bail. On the same day, the prosecutor’s office said it froze two bank accounts containing approximately $600,000 stolen from the victim. Demitro’s sports car was also seized.
A conviction could carry a sentence of 10 years in State prison. Demitro will be arraigned in the upcoming weeks.
The investigation was conducted by the Monmouth County Prosecutor’s Office and Monmouth County Adult Protective Services.