Scam Artist in Court

Charged With 60 Counts of Theft

It was a day in court today for an alleged scam-artist, who's accused of targeting the elderly, and swindling them out of all of their savings.

West Chester, Pennsylvania: It was a day in court today for an alleged scam-artist, who's accused of targeting the elderly, and swindling them out of all of their savings. Forty-eight-year-old Stephen Pacinelli had no comment as he left district court, but 84-year-old Carmella Cavuto -- she had something she wanted to say.

Carmella Cavuto/Alleged victim: "Be on the lookout for people like him. I wouldn't want anyone else to be fooled like I was fooled."

Pacinelli is charged with nearly 60 counts of theft. Chief Michael Carroll/West Goshen Police:

"This gentlemen went out and managed to win the trust of many elderly people in Chester County and Delaware and as a result of that took from them and accumulated about 2 million dollars."

Carmella Cavuto:

"He said real estate is at its greatest. Ten percent on your money, so I fell for it."

Court documents show she gave Pacinelli more than $200,000. Others gave more: $534,000 from one victim, over $400,000.

Investigators say Pacinelli used his elderly victims life savings to live well himself.

'Buying race horses, buying beautiful homes, taking nice trips. he was living very well off their money.'

Investigators are working on freezing Pacinelli's assets in hopes of returning at least some money to his victims, but that could take time.. something Cavuto doesn't feel she can afford.

"My life is almost over, but he has to live with himself for the rest of his life which won't be easy."

Investigators believe they've tracked down all of the victims. Thanks to the publicity surrounding this case.

Courtesy: Sarah Bloomquist, WPVI Channel 6 Action News.