EXETER, N.H. — An Exeter businessman is facing charges that he bilked two elderly widows out of more than $1 million.

A federal indictment charges Frederick McMenimen with mismanaging the funds and pocketing the money for himself while working as a financial adviser in Portsmouth. He’s charged with mail fraud, interstate transportation of goods taken by fraud, money laundering and tax evasion.

According to the indictment, McMenimen spent $134,000 on his home mortgage, more than $31,000 for docking and yacht utilities, over $120,000 for his children’s private school and college tuition, and about $350,000 in credit card payments.

The Portsmouth Herald says McMenimen is already facing a civil lawsuit for allegedly mismanaging $900,000 of a family friend’s money to benefit himself.

McMenimen won a $1.4-million state lottery jackpot in 2005.


Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.