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Man builds himself ‘mansion' with millions he stole from victim, AL officials say
An Alabama man was found guilty of stealing $8.4 million from an older adult over two years through a Ponzi scheme, officials said.
James 'Jimmy' Bulger, 60, was convicted of first-degree theft by deception, aggravated theft by deception and first-degree financial exploitation of the elderly, Alabama Attorney General Steve Marshall said in a June 20 news release.
'This wasn't a lapse in judgment, it was a calculated, predatory scheme that stole nearly $9 million from an elderly man who trusted him,' Marshall said in the release.
Bulger convinced the man he had profits to reinvest, but really Bulger was stealing that money to 'fund an extravagant lifestyle' for himself, according to officials.
He bought luxury cars, designer goods and built an 8,000-square-foot 'mansion,' officials said.
Then, after he was indicted, he tried to pay the victim $1 million to drop the charges, officials said.
Bulger is being held on a $1.5 million bond at the Montgomery County jail, according to records.
He is set to be sentenced July 21, reported.
