Jersey Shore man admits swindling friend out of $230K

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A 70-year-old New Jersey man admitted he stole $230,000 from a friend by telling him was going to deposit the money into an investment account.

John Hammond, of the Ortley Beach section of Toms River, pleaded guilty to theft by deception, the Ocean County Prosecutor’s Office said Friday.

Prosecutors will ask for Hammond to receive seven years in state prison at his scheduled Nov. 18 sentencing.

The friend put the money into Hammond’s account over a two-year period — from May 2017 to February 2019. Hammond had promised large returns on the funds, claiming the money would be transferred to an investment account in the victim’s name, officials said.

Hammond never established the investment account and instead withdrew the money from his own account and spent it how he saw fit, the prosecutor’s office said.

He was charged in September 2020.

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Jeff Goldman may be reached at jeff_goldman@njadvancemedia.com.

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