A Hamptons man bilked his father out of $ 300,000 by claiming to invest it with a “financial genius” pal when he actually used it to pay liens and other debts on his Southampton house — and then sold the home for $ 1.5 million, the dad charges in a federal lawsuit.
Dr. Robert Schwartz, 76, of Arizona, claims that Richard Schwartz, 42, called him in February and told him that he was strapped for cash and needed a $ 150,000 loan.
The elder Schwartz agreed to give him $ 100,000, according to Long Island court papers.
But the son, a securities trader, coaxed an additional $ 200,000 out of his father by telling him that he was working with a finance guru who was turning 24 percent profits annually, according to the suit.
Richard did not return a call for comment and the attorney for his father did not respond to a message for comment.
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