Resort Area Residents Could Be Victims Of Ponzi Scheme

Some Ocean City residents could be victims of a Pennsylvania man who was arrested last Friday after allegedly cheating scores of people in that state out of millions of dollars in a Ponzi scheme.

Nearly all of the 82 known victims of Richard Allen Freer, 67, of Palmer Township, lost their entire life savings.

Freer, who owned two condominiums on 26th Street in Ocean City and appears to have lease agreements for three others, was charged with 90 counts each of theft by deception and failure to make required disposition of funds, plus 50 counts of forgery and related crimes. He was taken to the county prison in lieu of $10 million bail.
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