Durham man pleads guilty to fraud charges in case involving retirees' savings

The Secretary of State's office tells ABC11 that 64-year-old Walter Reinhardt will be sentenced Tuesday after pleading guilty to defrauding many retirees, including teachers, out of their life savings.

Investigators said Reinhardt bilked at least 16 people in Durham County out of more than $1 million. Most of his alleged victims are retirees and former educators, who said Reinhardt abused their money and their trust.

Reinhardt has spent nearly four years in jail since his 2010 arrest.

Investigators with the North Carolina Secretary of State served him with 62 felony warrants for securities violations, including forgery. They claimed Reinhardt cut and pasted his alleged victims' signatures on documents.

He's was also accused of failing to tell investors a previous violation barred him from selling securities in 2001.

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