A man was arrested after being accused of swindling an elderly woman out of $250,00 by pretending to be billionaire Elon Musk.
According to the Bradenton Police Department's Elder Fraud Unit, business owner Jeffrey Arthur Moynihan Jr., 56, was arrested on Wednesday on grand theft charges.
Moynihan is accused of defrauding an elderly Texas woman out of $250,000, and investigators suspect the actual amount could be significantly higher.
According to police, the 74-year-old victim befriended someone posing as tech mogul Elon Musk on Facebook in 2023.
Over the course of several months, the impersonator encouraged her to invest in Musk's businesses, promising a $55 million return.
Financial records revealed that the victim transferred $250,000 to accounts associated with Moynihan and his business, Jeff’s Painting and Pressure Washing, LLC.
The victim’s husband later told investigators she may have given the scammer as much as $600,000.
Moynihan was taken into custody at his Bradenton home Wednesday night.
Police clarified in a news release that the real Elon Musk, who is worth $318 billion, is not connected to the case and was busy overseeing the latest SpaceX launch
The investigation remains ongoing.
So far, in 2024, the Elder Fraud Unit has handled cases involving victims over the age of 60, amounting to nearly $3 million in losses.
For more information about the Elder Fraud Unit and tips to protect yourself and loved ones from scams, click here .