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Sunday
Jan302011

Miami Man Arrested In 'Anti-Aging' Drug Scam

Photo Courtesy - Miami-Dade County Department of Corrections(MIAMI) -- When a man invented a cream, a "yogurt" he called it, to rub on your head to help regrow hair, lots of people invested money in his project; some put thousands into it. Now police are saying it was all too good to be true.

The Miami Herald reports Sunday that Joseph Fox Batista, 55, has been arrested after scamming investors for $380,000 worth of stock in his possibly worthless company, TeloGenesis Inc. Authorities say Fox spent the money on lavish furnishings, alcohol, and sometimes just gave the money away to the homeless.

This isn't the first time that Fox has been involved with a scam. He was arrested in California in 2002 for trying to sell a gold-measuring device which he took money for from clients, but never delivered on.

One man lost $2,000 investing in the hair product, while another was taken for $28,000. The Herald says that while Fox claims the money was spent on designing the product, arrest warrants show almost none of the money poured into the company between July 2007 and November 2009 was used for its intended purposes.

Fox is being held on charges of grand theft and organized scheme to defraud, the newspaper said.

Copyright 2011 ABC News Radio

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