Elderly Woman Says She Was Duped
By MELISSA NORDBECK
July 22, 2009
An 80-year-old woman says her life's savings were wiped out when CSO Industries and its CEO Charles Owens III talked her into putting $220,000 into his company.Shirley Broderick claims Owens talked her into making a "safe, no risk investment" and guaranteed her principal and a predictable rate of return, if she invested with CSO Industries.
She says she invested $100,000 in February 2008, and suffered early termination penalties when she liquidated an annuity to do so.
Later that month, she says, she "invested" another $20,000 with CSO - the total of her savings account.
In June 2008, she says, Owens advised her to take out a second mortgage of $100,000 on her home, "because the equity in her home would not earn money, whereas another investment contract with CFO would provide her with a 'safe,' no risk investment, in which CSO guaranteed the principal ..." She says she threw another $100,000 into CSO that month.
Broderick demands rescission and damages for fraud, elder abuse, sale of unregistered securities, negligent misrepresentation, fraudulent inducement and other charges.
Abridged
SOURCE: CourtHouse News
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