Ponte Vedra man accused of Ponzi scheme

JACKSONVILLE, Fla. -- Michael DiMare, a Ponte Vedra business man, is accused of stealing nearly $2 million dollars from elderly victims on the First Coast.

DiMare, a former employee of ING and John Hancock Financial Services, appeared in Federal Court on Monday. Investigators say he preyed on elderly clients, offering them a "made up" investment called a "tax free corporate bond."

Court documents show that victims gave him deposits of $100 to $150-thousand dollars in some cases.