A man from New Jersey has been charged with theft and securities fraud after allegedly swindling a Delaware woman out of her savings using as investment scam. The woman is reportedly out $73,000 because of the scam.

Thirty-seven-year-old man from Mount Laurel, N.J. was charged with 15 counts of theft and securities fraud by a grand jury.

He was arrested May 18 after being investigated by the Attorney General’s Office Securities Unit. They discovered that the man met the 62-year-old victim last February at the airport in Las Vegas. He told the victim that he was a partner in a business that sells refrigeration units that are energy-efficient. He said the company name was WeCube LLC.

About one month after meeting the victim, the man contacted her and asked the woman to make a $15,000 investment in his company in exchange for an interest return of $3,000 over three months in addition to being reimbursed for the initial $15,000 investment.

On March 5, 2010, the woman gave the man her $15,000 investment. Officials said that over the next few weeks, the woman was solicited for additional money. She was assured of even greater interest payments with her additional investment in the company.

She invested an additional $58,000 in the man’s company between March 8 and April 8 of last year.

The woman has yet to be reimbursed for the money that she invested or paid any interest on her investment.

Investigators from the Securities Unit said that the man was not registered properly to sell securities in the state of Delaware and no securities in the state of Delaware had been registered by WeCube LLC.

Source: Delaware Online “N.J. man charged with fraud, theft” TERRI SANGINITI, June 23, 2011