SCITUATE, R.I. -- A Johnston man was charged with stealing from and exploiting two victims older than 65 after a Providence woman told the Rhode Island State Police that he refinanced her home and, instead of reinvesting the $65,000 for her, took it for himself.
Domenic Ferrante, 62, of 10 Francis Ave., Johnston, faces two counts of larceny from a victim older than 65, two counts of exploiting an elder, accessing a computer for fraudulent purposes, forgery and writing fraudulent checks.
A second victim lost $330,000 of his life savings, the proceeds from his wife's life insurance policy and some of his home's value after Ferrante established a reverse mortgage on the residence without the victim's knowledge.
Ferrante spent nearly $75,000 at casinos during that time, police said.
He was held at the Adult Correctional Institutions, unable to post $2,000 cash or property worth $20,000.