The conviction follows an 18-month investigation by the Department of Financial Services ' Division of Insurance Fraud and the Seminole County State Attorney's Elder Crimes Unit.

"This individual schemed to steal savings from clients who trusted him to help them in their golden years," says Florida Chief Financial Officer Tom Gallagher, who oversees the Department of Financial Services. 'I commend the investigators and the state attorney's office for quickly compiling the evidence needed to bring him to justice."

On March 2, 2005, police arrested Cowden at his home after investigators discovered he defrauded a longtime friend into investing $50,000 in bogus annuities. Cowden bonded out to await his trial.

On May 11, 2005, the Division of Insurance Fraud's detectives and Seminole's Elder Crimes Unit investigators, helped by Seminole County Sheriff deputies, executed a search warrant and re-arrested Cowden at his home. At that time, they found evidence showing two additional victims Cowden defrauded while on bond from the first arrest.

This is cache, read story here