$230K Theft From Friend Leads To Guilty Plea By Toms River Man

TOMS RIVER, NJ — A Toms River man has admitted stealing $230,000 from a friend, promising to invest the money with big financial returns but instead spending it on himself, the Ocean County Prosecutor's Office said Friday.

John Hammond, 70, of Ortley Beach, pleaded guilty Friday before Superior Court Judge Guy P. Ryan to one count of theft by deception, Prosecutor Bradley D. Billhimer said. Hammond is scheduled to be sentenced on Nov. 18, with a recommended sentence of seven years in prison, Billhimer said. He also will be required to make restitution to the victim of $230,000.

Authorities said an investigation by the Toms River detectives revealed that between May 2017 and February 2019, Hammond convinced a friend to invest $230,000 with him, promising the friend large returns on his investment.

Over nearly two years, the victim deposited large sums of money into Hammond’s bank account under the false impression that Hammond would be transferring the money into an investment account purportedly set up in the victim’s name, authorities said.

When the victim asked Hammond to withdraw a sum of money from the investment account, Hammond perpetuated his scheme by creating fraudulent financial documents purporting to be from Fidelity Investments, investigators found.

The investigation revealed Hammond never invested the victim’s money or set up an investment account but instead used the victim’s money for his own personal benefit, authorities said.

Hammond surrendered himself Sept. 8, 2020, at Toms River Township Police Headquarters.

Assistant Prosecutor Taylor Toscano handled the case on behalf of the state, and Billhimer praised the Toms River Township Police Department Detective Bureau for their investigation.