Fraud victims label Durham man 'Local Bernie Madoff'
DURHAM (WTVD) -- While an infamous conman does federal time just a few miles away in Butner, some alleged fraud victims in Durham say they're dealing with a "Bernie Madoff" of their own.
State investigators say 64-year-old Walter 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 like Johnea Kelley and Ann Breakfield.
They say Reinhardt abused their money and their trust.
"He befriended me," Kelley told ABC11. "He joined some of the organizations that I belonged to."
"We never felt that he was a person that would take advantage of us," Breakfield added. "We lived in New York for 40 years and we never had anything happen to us like this."
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 claim Reinhardt cut and pasted his alleged victims' signatures on documents. He's also accused of failing to tell investors a previous violation barred him from selling securities in 2001.
Financially, Kelley says she was blindsided, but she also believes she was robbed of her sight because of stress.
"I consider it," said Kelley while gripping her walking cane. She said her doctors have been unable to determine the exact cause of her impaired vision.
According to Reinhardt's most recent attorney, he's turned down at least one plea offer while maintaining his innocence.
Court records show he believes he's endured deplorable jail conditions. He blames his criminal charges for the loss of his time, property, and his reputation.
Ahead of his long awaited trial, Reinhardt is asking the judge to toss out his case. Some of his alleged victims have filed lawsuits. In at least one case, the North Carolina Court of Appeals exonerated Reinhardt, according to his criminal defense attorney Kimberly Lott.
Lott says her client is looking forward to facing his alleged victims and telling his side of the story.
