A resident from Bradenton, Florida, has been arrested for allegedly defrauding an elderly woman while posing as tech billionaire Elon Musk, police said on Thursday.
The Bradenton Police Department’s Elder Fraud Unit apprehended Jeffrey Arthur Moynihan, Jr., 56, two days earlier on charges of grand theft.
Moynihan, who owns a local business, Jeff’s Painting and Pressure Washing, LLC, is accused of swindling a 74-year-old Texas woman out of at least $250,000.
The woman reportedly met “Elon Musk” on Facebook in 2023 and communicated for months before being persuaded to invest in his purported business ventures with promises of a $55 million return.
Financial records reveal that the victim transferred $250,000 to bank accounts associated with Moynihan and his company. However, the victim’s husband informed investigators that the total amount given to the fake Musk could be as high as $600,000.
“Moynihan was arrested at his home in Bradenton Tuesday night,” the Bradenton Police Department (BPD) said. “The real Elon Musk was otherwise engaged with the most recent launch of SpaceX and is not under investigation by BPD. The investigation continues.”
Elder Fraud
The Moynihan case is part of a larger trend of elder fraud in the United States. According to recent data, scammers stole at least $3.4 billion from Americans aged 60 and older in 2023, with the average victim losing $34,000. Experts believe actual losses are likely much higher, as these figures are based only on reported incidents.
Law enforcement officials note that scammers’ tactics are becoming increasingly sophisticated. Elder fraud manifests in various forms, including phone, text, and email scams, as well as internet fraud.
BPD’s Chief of Police Melanie Bevan, emphasized the importance of community vigilance in a statement on the police website.
“Let’s unite against fraud and ensure our elders live with security and dignity,” she stated.
In a related case, the BPD’s Elder Fraud Unit recently arrested Benjamin Yakah, 26, of Minnesota, for allegedly stealing over $100,000 from a 77-year-old Bradenton widower in an internet romance scam. The arrest came after a five-month investigation.
Yakah allegedly posed as a woman named “Julia” on Facebook, convincing the victim to send money to help with her relocation from the UK to the United States. The scam was uncovered when the victim’s children found out and told police in June 2024.
These cases underscore the need for increased awareness and protective measures against elder fraud, with resources available on the police department’s website.