TAMPA, Fla. -- Florida's Office of Financial Institutions and Securities Regulations is investigating a man who allegedly sold an ATM as an investment to a 92-year-old woman.
Michael E. Best was arrested by Sarasota County sheriff's deputies on charges of fraud, grand theft and exploiting the elderly, according to a Tampa Bay Business Journal report. He's accused of taking $6,000 from the woman to invest in ATMs, though investigators claim she can't make her own financial decisions.
Best, who told the paper he has sold ATMs as an independent contractor for three years, represents ATM Capital Corp. of Clearwater. Best said the woman received a total refund.
"In no way did I exploit this woman," Best told the paper. "She was given full disclosure. It was not a cold call. She responded to our (mailed) investment survey."
Mary Delano, a state investigator, said ATM Capital is under investigation in the case. "What they sell may not be securities per se…" Delano said in the report. "Regardless, you don't sell a 92-year-old lady an ATM machine."
