Financial Adviser Admits To Scamming Elderly Woman

A former financial adviser in North Carolina has admitted taking nearly $3 million from an elderly woman with Alzheimer's disease to buy a beach house and a wine collection.

Federal authorities said 65-year-old Harold Earl Blondeau pleaded guilty Thursday in U.S. District Court in Greenville to one count of investment adviser fraud and one count of tax fraud.

The News & Observer of Raleigh reported Friday that the former Morgan Keegan adviser is a former N.C. State basketball player. Prosecutors said Blondeau spent $24,000 on wine, paid down his own credit line and bought a beach house.

Blondeau faces a penalty that ranges from probation to eight years in prison when he is sentenced in September. He also could be ordered to pay restitution to 83-year-old Martha B. Capps of Raleigh.

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  • by Mark Location: Covington on Nov 26, 2009 at 03:14 PM
    I have listened to Hal Blondeau bragg and bost himself as a super buisnessman my whole life. I have been his nephew since 1977. I am way am glad his brother, my stepfather is not living. We are sure his father Orville and his brother Leroy are assamed of his actions...Even in heaven!
  • by Tax-Payer Location: NC on Jun 12, 2009 at 05:50 PM
    Oh, slap his hand. This is not as serious as a DWI. Use the money to pay for his time in prison. Why should I have to pay for him ?
  • by Kathy Location: Washington on Jun 12, 2009 at 09:01 AM
    "She must didn't have any children...." - Oh Lord, now I'm concerned.
  • by Dwayne Location: Greenville on Jun 12, 2009 at 08:15 AM
    Just apologize and take your new position in Washington.
  • by Another Concerned Location: Edenton on Jun 12, 2009 at 07:06 AM
    Shame on him. Now she owns a beach house
  • by Concerned Location: Greenville, NC on Jun 12, 2009 at 05:47 AM
    She must didn't have any children or family members to look after her finances. She must had plenty of money. I feel sorry for her. Where in the heck was her family?
  • by anon Location: wallace on Jun 12, 2009 at 05:28 AM
    i have always said that nc state players don't graduate, they are paroled.

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