Wayne NJ police recently arrested a man who allegedly defrauded a local woman out of hundreds of thousands of dollars.

The theft was reportedly committed over a three-month period, from April 2012 to July 2012. According to the Passaic County Prosecutor’s Office, the suspect stole the funds from the victim after meeting her through an online dating website.

Once the victim and the suspect had entered into a relationship, the suspect allegedly talked her into letting him invest cash from her 401(k) retirement plan. He reportedly told the victim that he would get her an annual return of six percent on her money. However, the suspect reportedly never invested the victim’s money, instead deciding to use the cash to cover his own personal expenses.

The victim also allegedly allowed the suspect to use her personal credit cards.

In total, the 45-year-old suspect reportedly stole $200,000 from the victim.

The suspect, who resides in Wayne, New Jersey, faces criminal charges for theft by deception and theft by failure to make required disposition.

If the suspect is convicted of theft by deception, he would be subject to severe penalties. The large amount of money that was allegedly stolen means the suspect could be sentenced to as many as 25 years in NJ State Prison.

For additional information about this case, go to the NJ.com article, “Wayne Man Accused of Stealing $200K from Woman He Met on Dating Site.”